The Huffington Post recently had an interesting story about how student loan debt is causing friction for many young couples.
According to the new source, studies indicate that student loans are causing conflict for married couples and those who are thinking about marriage. A report in The College Investor indicated that disagreements over finances are causing stress for many young couples, with a big part of the problem being student loans.
The HuffPost reported that one economics professor discovered a negative correlation between student loan debt and marriage, reporting that $10,000 of student loan debt decreased the probability of marriage (divorce or failure to marry) by 3 to 4 percent.
Additionally, researchers with the National Foundation for Credit Counseling found that of young people in marriages, “more than half of people (54 percent) are unwilling to participate in helping a spouse pay off large sums of debt.”
Of those who are not married yet, 44 percent said they would either delay marriage until their partner’s debt was paid in full or end the relationship altogether, according to the HuffPost.
If you are in a relationship and you are struggling with student loan debt, speak honestly to your significant other about the money you owe to avoid conflicts later. Also, you should make a plan to pay down the loans or investigate repayment options including income-based plans.
Student Loans and Bankruptcy
It is sad that so many young American couples are struggling with student loan debt. According to the Wall Street Journal, the average class of 2015 graduate with student-loan debt will have to pay back a little more than $35,000.
Unfortunately, for many people struggling with student loan debt, there are limited options. Typically, student loan debt is very hard to discharge through bankruptcy. However, for some people struggling with student loans and other forms of debt, Chapter 13 bankruptcy can help them enter into manageable repayment plans.
In addition to a repayment plan, one benefit of bankruptcy is an automatic stay takes effect, which stalls collection attempts from creditors. If you have questions about this process, make sure you talk to a Lewisville bankruptcy attorney.