In the United States, the current divorce rate hovers near 50%. That’s right, nearly half of all marriages in this country end in divorce. While most people add ‘for richer or poorer’ to their vows, it shows money plays a huge role in successful relationships. Even the most recent studies point this out. A lot of it has to do with student loan debt.
If you were to be asked what the leading cause of divorce is, you might think adultery. In reality, it’s money problems. According to SunTrust Bank, poor finances adds a lot of stress to any relationship and puts a strain even on the strongest marriages. Student loan debt is a major part of that equation.
Studies are finding that a lot of millennials are currently putting off major life decisions. They’re waiting to have children, start a family, and even get married until they deal with their debt. That’s why it’s no surprise that 13% of divorcees say that student loan debt is the main reason why they divorced.
Call Financial Helpers today to learn more about student loan forgiveness options and to see if you qualify. You can reach us at:
Student Loan Debt is a Relationship Killer
Over 44 million Americans hold $1.53 trillion worth of student loan debt. The average amount of debt each student holds hovers around $37,000. That’s a lot of debt to carry into a marriage! It can take anywhere between 10 and 25 years to pay off. Imagine making high debt payments that long. Of course, it’s going to cause problems in any relationship.
The problem is only getting worse. This amount of student loan debt is up 62% from the last decade alone and continues to climb. The number of borrows who hold more than $50,000 in debt has tripled over that same decade. Make no mistake, the cost of college tuition is climbing and it’s destroying lives.
http://financialhelpers.com/the-public-student-loan-forgiveness-fix-isnt-going-well/
According to Jacqueline Newman, the managing partner of Berkman Bottger Newman & Rodd, the dynamic is unfair. She wonders why anyone would commit to someone with that much student loan debt hanging over them.
“Student loans can really hold you back,” she said. “For couples just starting out, that burden is having an impact on their lifestyle and ability to buy a home or have children,” she added. When you marry, you take that debt with you into the relationship. That means it’s also your spouse’s responsibility.
Newman also believes people with student loan debt should sign a prenup to prevent it from becoming a spouse’s problem. She says it’s important for couples to stay together. If one spouse helps the other pay down their debt, then the relationship ends, it’s only fair they can get that money back.
Student Loan Crisis
It’s a difficult time for millennials, the group who holds the most student loan debt. They must make a lot of decisions that other generations didn’t have to make. Going to college is no longer a guaranteed career. It can put you in a huge bind. People with that amount of debt can’t buy a house or get a loan if one was needed.
The student loan debt problem is one that millions of students hope the government will help with. It can severely damage the economy for decades to come if they don’t fix it now. It’s important for each student to do their research and make the best decision for their future.
