When Kristine Leighton graduated from a private college five years ago with a degree in hospitality, she owed $75,000 on student loans.
Each month, she paid the minimum amount of $450 and lived at home with her parents on Long Island, N.Y.
NPR reports that “At first, she was working at a hotel for $10 an hour; money was tight. Even after she got a job in Manhattan making $75,000 a year, she still couldn’t afford to move out. She funneled her earnings into car
payments, credit card bills and debt, and a monthly commuter train pass. The loan payments left little extra
money for things like an emergency fund.At one point she upped her monthly student loan payments to around $1,800 for almost a year, in an effort to chip away at her debt as much as she possibly could. To prepare for the future.”I was trying,” Leighton says.
“I had this great job, this great career, but I still couldn’t afford to move out of my parents’ house.
“Women have made gains in the workplace but there’s still a wage gap. Although attending college costs the same for both genders, women are more burdened by student loan debt after graduating. They spend a higher proportion of their salaries on paying off debt because, well, they have lower salaries to work with than men — from the very start.After college, with $75,000 in student debt, Kristine Leighton struggled to pay it off and start her adult life. “I was trying,” she says. “But I still couldn’t afford to move out of my parents’ house.”
“A study by the American Association of University Women found that one year after college, nearly half of women working full time, and 39 percent of men, were devoting more than 8 percent of their income toward their debt. That may seem small, but when you are fresh out of college, the combination of living expenses, credit card bills or debt, a 401(k) and a little left over for savings — if you can hack it — adds up. Continue reading “Women accumulate larger student debt”