The Connection Between Student Loans And Delayed Retirement – Compensation is paid by the companies on this site and this compensation may affect how and where the offers appear on this site (such as ordering). Does not include all lenders, savings products, or loan options available in the market.
We are committed to providing accurate content that helps you make informed money decisions. Our partners have not commissioned or endorsed this content. At Read Our Editorial Guidelines, we’re committed to providing accurate and actionable content that helps you make informed decisions about your money. Our team of writers and editors follow these key guidelines: We thoroughly fact-check and review all content for accuracy. We aim to correct any errors as soon as we become aware of them. Our partners do not commission or endorse our content. Our partners do not pay us to feature any specific products in our content, but we do feature certain products and offers. From companies that provide compensation. This may affect how and where offers may appear on the site (such as ordering). We review and interview external and internal reputable sources for our content and disclose sourcing in our content. Close the editorial guidelines here.
The Connection Between Student Loans And Delayed Retirement
Have you ever worried about what your student loan debt could do to your future or current relationship? It’s not uncommon for money to throw a wrench in a couple’s future plans, but how big of a problem is it?
How Student Loan Debt Is Hurting Women’s Mental Health
We wanted to find out, so we asked more than 1,000 borrowers about their experiences with student loan debt and relationships. Here’s what we learned.
One of the biggest obstacles to a serious relationship is trying to get two people on the same page about almost every important topic under the sun. Inevitably, clashes occur.
More than 43 percent of survey respondents said they fight with their partners at least “sometimes” about money. Given the fact that debt is a huge source of stress between individuals, it’s no surprise that it can cause stress for couples.
On the positive side, being open and honest about student loan debt has helped some couples work together:
White House Student Loan Forgiveness Is Too Little, Too Late For Older Debters Like Me
But even working together on student loan debt can take a toll. After all, federal student loan repayment plans can last anywhere from 10 to 30 years. If you pay off your loan early, you may be in for a long haul.
The stress caused by this type of debt can affect mental health. And one victim of that toll can be your libido. About a third of respondents claimed to have experienced a decrease in their sex drive due to student loan debt.
As in my case, many people who carry student loans fear that their debt alone can destroy their relationships. However, the results of this survey showed some differences.
More than a third of respondents said that when it comes to deciding whether to get serious with someone, how they handle their debt can be a deal breaker. Less than a quarter said a higher amount of debt would be a deal breaker.
Student Debt, America’s Avoidable Disaster
Perhaps even more encouraging, only 29 percent said the most attractive feature in a potential partner’s financial health was “zero student loan debt.” Compare that to 72 percent who said the ability to budget well was the most attractive financial trait.
All of this points to a desire to see a strong financial foundation – and how having a plan for the future can be more important to potential partners than not having debt today.
It is important to mention that, although student loan debt is not a relationship destroyer, it can cause delays in major life and relationship milestones.
A quarter of respondents put off moving in with a partner because of student loan debt. Another 35 percent delayed “marriage talks.” And 46 percent delayed starting a family.
Borrowers Over 50 With Student Loan Debt
So what can you do with these findings? Know that, although student loan debt can stress you out, your love life doesn’t have to suffer for it. Instead, show that you have an action plan for the debt – that way your partner (or future partner) can feel confident that the situation is under control.
To begin, overcome the emotions that often come with student loan debt, such as burden, frustration, anger, fear, or shame. Know that debt doesn’t make you a failure—and that delaying certain life milestones might not be so bad after all.
Erin Wiley, a licensed professional clinical counselor, explains how you and your partner can find the positive in your situation:
“Instead of moaning about not being able to buy a house yet, or start trying for a baby, celebrate the freedom of not having to mow your lawn or fix your drains, and being able to go out with friends at a moment’s notice. … Enjoy time without commitments like home and kids, and embrace the freedom it gives you.
The Public Service Loan Forgiveness Deadline Is Oct. 31. What To Know Now
If you haven’t told your partner about your debt, and the relationship is getting serious, now is the time to put your cards on the table. Financial pragmatist Jacqueline Timmons encourages risk-taking in that first financial conversation:
“The goal of these types of conversations is not to avoid the fear and awkwardness that comes with it. It’s natural! It goes with the territory of being insecure—whether you’re the one initiating the conversation or not.”
“If you feel bad about your debt, you don’t need to defend yourself. I think that’s a mistake a lot of people make when it comes to sharing information that doesn’t shine the most positive light on them, or that they feel self-conscious about. They feel conscious.”
That said, if you’re still worried about sharing the truth about your debt, understand the gravity of not doing so if you’re planning a life together. Shawna Young, a licensed marriage and family therapist, says it’s important for couples to have an open-door policy when it comes to finances:
Student Loan Forgiveness Programs (the Complete List)
“Financial infidelity can lead to mistrust and can be as damaging as physical or emotional infidelity. Therefore, an honest and open policy is extremely important in a relationship, especially a marriage.
Let’s say you’ve had a conversation, or are having frequent conversations, and you’re getting nowhere. It may be time to seek help.
One way to get help is to talk to a marriage or couples counselor. Wiley explains why it’s better to be early than late:
“Most therapists agree: Couples typically show up for counseling seven years late for the state of their marriage. If you’re struggling, don’t wait—get help now.”
Student Loan Forgiveness Due To Disability: What To Know
Besides a marriage counselor, you can also look for a qualified financial planner to create a road map for your money. Once you have instructions and steps to follow, it’s much easier to turn frustration into empowerment and see real progress as you work toward your future together.
Finally, know that being in it together is your best chance for success. Hide in shame if you have debt, and don’t judge if your partner has debt. Rabbi Slomo Slatkin, a licensed clinical professional counselor, emphasizes the power of working as a unit:
“Couples committed to this work can weather even the most challenging financial times. It’s not always easy, but with the right tools and the will to make it work, they can prevent the stress of debt from torpedoing their marriage.”
Remember, this is just one of many obstacles you will have to overcome in your life together. Learning how to do this with money matters will only strengthen your relationship. Make a financial plan as a couple, talk honestly about your feelings, and seek help if you need it.
Americans With Student Debt Back At Square One After Supreme Court Ruling
There may come a time when all this is a distant memory and you will be able to enjoy the real prize: a happy life together.
72% of federal student loan holders report they are not financially prepared to resume monthly payments if the moratorium ends as scheduled.
Juno uses collective bargaining to save you money with better rates on student loans. Here is our review of their service.
College costs have risen 26% at public universities over the past decade — and even higher in 37 states
My Husband Refuses To Pay My Student Loans.’ Is There Some Loophole To Get Him To Pay?
Only at the state level has tuition increased, in-state tuition at public four-year universities in Louisiana has increased by 99%. WASHINGTON, September 18, 2017 // — Despite being in prime years for buying their first home, the majority of millennials with student loans do not currently own a home and believe the debt is to blame for what they expect to be a seven-year delay in purchasing.
That’s according to a new joint study on millennial student loan debt released today by the National Association of Realtors
, https://www.nar.realtor/reports/student-loan-debt-and-housing-report. The survey also found that student debt is holding millennials back from financial decisions and personal milestones, such as saving enough for retirement, changing careers, continuing their education, getting married and having children.
A new study by NAR and ASA found that only 20 percent of millennial respondents currently own a home.
How Student Loan Debt, Or Not Having It, Shapes Lives
Difference between fixed and variable rates on student loans, student loans delayed payment, student loans and retirement, difference between subsidized and unsubsidized federal student loans, federal student loans delayed, difference between direct subsidized and unsubsidized student loans, difference between unsubsidized and subsidized student loans, the difference between subsidized and unsubsidized student loans, student loans delayed, what is the difference between subsidized and unsubsidized student loans, difference between fixed and variable student loans, what the difference between unsubsidized and subsidized student loans