During the COVID-19 pandemic, undergraduate enrollment dropped by nearly 10%. Yet those who are attending college are still shouldering a hefty financial burden. This issue brief examines a survey of 1,521 women in New York City to learn more about their experiences with student loan debt during the pandemic. The results indicate glaring disparities in who accumulates student loan debt, with women of color encountering the greatest challenges due to the combination of wealth gaps, gender and racial pay gaps, and the economic instability caused by the pandemic. Black women (41%) and Hispanic women (43%) are far more likely to pay for school with federal student loans than white women (28%). After graduation, the combined effect of the gender wage gap and the racial wealth gap make it harder for Black women and Hispanic women to repay their loans.