Why do men have to pay off women’s student loans?
Conn Carroll
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Why does President Joe Biden keep trying to bail out student loan debtors?
After the Supreme Court held that a president did not have the unilateral power to cancel student loans, Biden quickly announced a new program that his lawyers think could be constitutional.
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But considering that the vast majority of Americans still don’t go to college, and that an even smaller percentage (15%) have student debt, why does Biden keep trying so hard to bail these borrowers out?
Because the vast majority of student debt held by adults is held by Biden voters.
While women make up 60% of college students, and will soon make up 66% of college graduates, they owe 66% of all college debt. Meanwhile, white women with a college degree supported Democrats 56%-42%, compared to 61% of white women without a degree and 52% of white men with a college degree who voted for Republicans.
And not only do women have more debt, but they pay it off a lot slower than men, if they pay it off at all. For loans taken out in 2009, men have paid off more than 30% of their original balance, while women have barely begun paying back any principal.
A quick look at the top major for men and women explains why this is so. While fewer men do go to college than women, when men do go to college they are much more likely to get degrees that are valuable on the job market, such as electrical engineering, mechanical engineering, and computer science. Women, meanwhile, are more likely to major in social work, anthropology, and human resources.
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The subjects men study simply pay more than the subjects women study, and so it is no wonder men are more likely to pay their debts off faster.
Considering how few Americans owe student debt, and that most student loan debt is owed by the highest-income Americans, how is it fair to ask non-college graduates and men who already paid off their student loans to pay off the loans of high-income female borrowers?