A new survey of 11,000 students conducted by Student Loan Hero found that LGBT+ identifying students have $16,000 more debt on average, compared to heterosexual students of the same cohort.
This discrepancy is likely tied to the disproportionate number of LGBT+ youth who are rejected by families, who often withhold financial assistance.
It has been well-established that LGBT+ community members continue to face discrimination upon joining the workforce. LGBT+ employees face lower salaries and higher unemployment rates. There are still 30 states in the US without employment discrimination protections for LGBT+ workers, leading to more job insecurity.
“Employer discrimination […] ultimately translates into a financial issue,” said Michael Adams, CEO of SAGE.
Employment discrimination leads to increased difficulty in managing an already larger debt burden, and the difficulty is compounded for those with other marginalized identities. Women and LGBT+ students were more than twice as likely as male students to find their debt unmanageable.
This research underscores the need for more scholarship programs targeted towards LGBT+ students and a deeper dive into financial issues specific to the LGBT+ population.
Read more at The Advocate