Study Announces Student Loan Debt Destroys Marriages: Tips to Prevent it from Happening to You

 Posted on January 07,2019 in Divorce

It is no secret that money and finances are at the heart of many marital struggles. However, a recent study indicates that student loan debt is responsible for destroying a significant number of marriages. If these debts are to blame for a rift between you and your spouse, you are not alone. Fortunately, in marriage, you have a built-in partner to help you deal with the problem.

This article discusses both the statistics of student loan and divorce, as well as how you can avoid becoming part of this statistic:

An Unaffordable Necessity

In the generations before us, college and post-graduate education was an affordable addition to primary education; although, most high school graduates were able to find a stable career right out of school. Today, even entry-level positions may require some higher learning. Unfortunately, when demand increased for knowledge so did the cost. What once was an affordable option, is now an unaffordable necessity.

As of 2017, the average student loan debt was approximately $39,400, totaling more than $1.5 trillion dollars owed to the government and private lenders. The Consumer Financial Protection Bureau claims that the number of borrowers owing more than $50,000 has tripled in the last decade.

How is Debt Affecting Marriage?

Of 800 student loan borrowers surveyed in a study performed by Student Loan Hero, nearly a third of them blame money for marital tension. Furthermore, 13% blame student loan debt specifically for the dissolution of their marriage. What is worse is that 35% claimed they delayed divorce because they could not afford it. Surveys show that students with outstanding debts during divorce increase their debt by 10% more than their financially stable counterparts.

Minimize the Stress on Your Marriage

When money is tight, tensions rise. Stress leads to frequent arguments over everything, not only finances. Stress and financial struggles also lead to resentment and additional time away from each other, because of an increased workload to pay the debt. Reduce the impact by implementing these tips:

• Minimize additional loan burdens by borrowing as little as possible;
• Borrow only from federal lenders;
• Keep communication open with your spouse about the reality of the debt;
• Work together to design a repayment plan and stick with it;
• Acknowledge the stress and create a constructive way to handle it; and
• Consider a prenup to prevent seizure of property.

Contact a Wheaton Family Law Attorney

If student loan debt has caused irreparable damage to your marriage, consider your legal options by contacting an experienced DuPage County divorce lawyer. The attorneys at Goostree Law Group understand your situation and will work to reduce your stress and deliver you the outcome you deserve. Call our office today at 630-364-4046 to schedule your complimentary initial consultation.

Sources:

https://www.finance101.com/student-debt-destroys-marriages

http://www.studentloan.org.nz/blog/student-loans-cause-divorce