Marriage is one of the most beautiful relationships between two people who promise to go through life together. A healthy, as well as a happy marriage, is the outcome of sheer hard work and loyalty towards each other. Each partner needs to be committed enough to work with their spouse to try and traverse through life’s most difficult times together. Besides love and loyalty, one other fundamental factor that can have a significant impact on marriage is money. Money, as well as finances, are often the root cause of many marital problems.
Unfortunately, in the USA, many young people are now facing divorce or separation issues due to a burgeoning student debt loan. As marriage itself is demanding on multiple fronts, money is arguably one of the most important domains. With everyday family expenses coupled with one or more student loans, the cumulative effect of this debt can create frustration and stress between the couple as they might often be unable to make ends meet with their available means. Added fuel to fire is the payment of this underlying student loan debt. All these factors can play their role in destroying a marriage. This article sheds light on how student loan debt in America is destroying many marriages.
Student Debt Loan in the USA
Gone are the days when people used to be able to afford the actual cost of their education out of pocket. With the ever increasing cost of education and the ever increasing inflation rate, it is almost impossible for the average student in this day and age to afford the cost of a college education.
There are approximately 44 million Americans who are saddled with student loan debt. Furthermore, all these debtors when combined together, owe more than $1.5 trillion to the government as well as to private lenders. On average, an American student has to pay debt equaling approximately $34,000. While students who are doing advanced degrees have to pay a lot more than this.
A report by the Consumer Financial Protection Bureau Report, states that the number of borrowers who owe more than $50,000 has multiplied three times over the past decade. It is not only the principal amount which is burdensome, but also the interest on that principal amount which racks up the debt each and every single day. Consequently, the overall debt profile of such an individual continues to rise despite their best efforts at settling and reducing this debt.
Student Debt and The Strain on a Marriage
There is no doubt that most young people work very hard to try and make ends meet. Hence, instead of having an excess of money in comparison to the amount of work they put in, they often are barely meeting their needs. The fundamental reason behind this is that their money is being absorbed by multiple things such as housing, clothing, food and various outstanding debt repayments. Hence, it is not unjustified to say that young people are not just dealing with the student loan debt but with several different types of debt.
Hence, when money is tight, there is a likely probability of tensions running high on the relationship side. Likely arguments about everything, especially finances are likely to prop up ever so often. The strain in the relationship increasingly starts to become quite obvious as the spouses begin to resent each other because of the stress induced by the burdensome nature of debt. It is likely that both partners may try to work additional jobs or hours, in order to earn more, which consequently can take it’s toll on their health, and even relationship as well, limiting the time they can spend with the loved one, leading to a vicious cycle.
Student Loan Debt –Cause of Divorce
A recent survey of around 800 married student loan borrowers was done to highlight the rising problem of debt in America. As per the response from the survey, 1/3 of the respondents said that the fundamental reason behind the tensions in their marriage, and in some cases their divorce, is money. One out of the eight borrowers responded that their student loan debt directly contributed to the dissolution of their marriage. Therefore, to say that the student loan debt crisis is on the rise with no end in sight is as close to the truth as it can be.
Student Loan –A Cruel Necessity
With the growing technological demand in the market, it is almost impossible for the students to rely only on their college diploma to get a suitable job after graduation. To get a good job and have a promising career it requires more than a diploma, and for that many students require a student loan either get a higher degree or another degree to cope up with their study expenses. On the other hand, if you are married then marriage plus study expenses won’t leave much room for the couples to even fulfill their basic necessities. Hence, in such a scenario, student loan debt becomes the necessary cruelty. Bottom line is, student loan debt is a major contributing factor in the divorce of young married couples. In such difficult times, it is often advisable to have an experienced attorney by your side that can advice you on the best way to try and get out of the tough situation.
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