Married couples decide to call it quits for many different reasons. A lot of couples simply grow apart over time and come to the mutual decision that it’s time to file for divorce. Growing apart is a common problem among married couples, but a new study reveals that financial troubles, specifically student debt, is one of the main reasons why couples divorce. Here’s what you need to know about the link between student debt and divorce:
The Current State of Student Debt
It’s estimated that there are over 44 million people in the U.S. with outstanding student loan debt. Together, these borrowers owe approximately $1.5 trillion for their education. Some students owe more than others, depending on the type of school they attended and the number of years they were enrolled. In 2016, the average student graduating college owed over $37,000 in student loans.
Sadly, these numbers are expected to rise. Forbes reports that the amount of total student loan debt increased by a whopping $29 billion in the last quarter alone.
The Link Between Student Debt and Divorce
Financial problems can cause serious conflict in a marriage. In fact, a recent study conducted by Suntrust Bank reveals that finances are the leading cause of stress on a marriage. According to a report compiled by Student Loan Hero, the impact of financial woes is especially significant when they are linked to student loan debt.
Student Loan Hero surveyed over 800 adults earlier this year to examine the link between student loan debt and divorce. They discovered that one-third of people who borrowed money believe that their debt contributed to the downfall of their marriage. Furthermore, approximately 13% of the study’s participants place the blame for their divorce solely on their student loan debt.
Many people find that student loan debt can hold couples back and prevent them from pursuing their goals, such as starting a family or buying a new home. This can lead to friction between spouses, especially if one spouse feels he or she is working hard just so the couple can pay off the other spouse’s debt.
Having student loan debt does not necessarily mean that divorce is in your future, but it could lead to more ups and downs in your marriage.
Has student debt affected your marriage? If so, Williams Law Group, LLC can help. Let our team of experienced attorneys protect your best interests during every step of the divorce proceedings. Call our office at (908) 810-1083, email us at [email protected], or contact us through our confidential online form to schedule a consultation.