A recent study by Student Loan Hero discovered that the LGBTQ has more student loan debt than any other group of students. The summarized findings are as follows:
- Sixty percent of the LGBTQ regret borrowing on student loans versus forty-five percent of students in general.
- More than twenty-five percent of LGBTQ borrowers feel their debt is unmanageable.
- Fifty-three percent of LGBTQ borrowers are more likely than the general population to make less than $50,000 a year. Lower income may be tied into discriminatory acts, especially considering that more than half of the United States allows job termination due to sexual orientation and/or gender identity.
- One-third of the LGBTQ community states they were denied financial help due to their gender and/or sexual orientation.
- The LGBTQ community is less prepared for retirement. The general student borrower population has retirement savings (fifty-six percent) versus LGBTQ which is at forty-seven percent.
- To make matters worse, thirty-three percent of the LGBTQ community have been kicked out of their homes because of their sexual orientation or gender identity.
Alexander Hernandez, Esq.
Alexander Hernandez is a bankruptcy attorney practicing in Jacksonville and the surrounding areas and Miami, Florida.