13% of divorced student loan borrowers blame student loan debt
According to a new report from Student loan hero, 13% of divorced borrowers blamed their student loan debt for the dissolution of their marriage.
This is perhaps not surprising at a time when student debt is uphill – more than 44 million Americans are struggling with student loan debt, contributing to a whopping national total of $ 1.5 trillion. Not only has the percentage of students who took out student loans increased over the past decade, but the amount of money they borrowed has also increased, Previously reported Business Insider.
According to the Student Loan Hero report, the Class of 2017 graduated with an average of $ 39,400 in student loan debt. It’s easy to see how a number like this can impact marriage.
“Student loans can really hold you back,” said Jacqueline Newman, managing partner of Berkman Bottger Newman & Rodd in New York City. CNBC, adding that the burden can particularly influence the lifestyle of a newly married couple and delay buying a house or having children.
Student loans can exacerbate financial and marital difficulties
Statistics support Newman. Millennials are waiting longer to buy a home, not just because the cost of housing has increased. increased by 39% since the 1980s, but also because they are struggling with student loan debt.
“I don’t feel comfortable taking out a loan for a house while having student loans,” Boone Porcher, a public university graduate who has $ 32,645 in debt and has a payment plan over five years to pay it off before buying a house, previously told Business Insider.
And the same goes for starting a family. Quoting a New York Times poll, Shana Lebowitz of Business Insider US previously reported of respondents who did not want children or were unsure of having one, 13% said it was because they had too much student debt. And of those who had or expected to have fewer children than expected, almost half said they couldn’t afford more children and had prolonged the creation of a family due to financial instability (multiple responses were allowed).
This highlights a result of a previous study on the Hero student loan, which found that 46% of respondents delayed starting a family because of student loans. In the same study, 36% of respondents lied to their partner about money and almost a quarter hid their student loans from their partner.
“Usually there are relationship issues going on, and on top of that they start complaining about the debt,” she said. “I do not think so [student loan debt] would be the determining factor, but it is certainly a secondary factor. “