It’s not easy being LGBTQ. Members of the community continue to face varying levels of discrimination. But they also face more common challenges, such as managing student loan debt.
Our latest survey finds that LGBTQ borrowers feel concerned about their education debt. In fact, more than half (60%) regret the decision to take out student loans.
On top of that, LGBTQ youth who’ve been kicked out of their homes by family members face unique challenges. They have to attend school and manage their finances without familial support.
Here’s what we found out about student loan debt and the financial barriers faced by the LGBTQ community.
Key survey findings
- LGBTQ student borrowers regret their debt. A majority (60%) of LGBTQ student loan borrowers say they regret taking on student loan debt. Only 45% of student loan borrowers in the general population feel this way.
- More than a quarter of LGBTQ student loan borrowers feel their debt is unmanageable. Twenty-eight percent feel like they can’t manage their student loan payments. Only 26% of LGBTQ borrowers think their student loans are “very manageable.”
- LGBTQ borrowers are more likely than the general population to make less than $50,000 a year. More than half (53%) of the LGBTQ respondents in our survey report making less than $50,000 a year, exacerbating their difficulties in affording student loan payments. On top of that, you can still be fired for your sexual orientation or gender identity in more than one-half of U.S. states.
- The LGBTQ community is less prepared for retirement. Only 47% of those in the community have a retirement savings vehicle, compared to 56% of the general population.
- Less than half of the members of the LGBTQ community feel completely accepted by their families. Only 39% of our respondents say they feel completely accepted by their families. Additionally, 33% report being kicked out of their homes at some point due to their sexual orientation or gender identity.
- Almost one-third of LGBTQ respondents report being denied financial help. When seeking financial help and services, 32% of LGBTQ respondents say their gender identity or sexual orientation was a factor in being denied services.