Spring is upon us, and your social media feed will no doubt be filled with images of lush outdoor weddings and surprise engagements, but the reality is many Millennials are delaying marriage for a very unromantic reason – their student loan debt.
More and more Millennials are waiting longer to get married or putting it off altogether, not because they’re unlucky in love, but because they’re stuck in a bad relationship with their student loan debt. Americans holding student loan debt has become the new normal with nearly 44 million Americans holding more than $1.5 trillion in student loan debt, according to the Federal Reserve. However, it appears the burden of these looming monthly payments is a deal-breaker when it comes to marriage, with Millennials opting to wait until well into their late 20s or beyond to marry, if at all, as opposed to their parents’ generation marrying much earlier.
Millennials and Mounting Student Loan Debt
Like half of all working Americans, Millennials are struggling to pay or are behind in their student loan payments, making them feel less secure in their financial future or the prospects of marriage. Student loan debt for the average student sits around the $40,000 mark, according to Experian. While younger generations are redefining what American families look like, many still believe marriage is a natural next step in a long-term relationship and equates to a level of stability in finances and career. High debt, stagnant salaries, and slim job pickings are also unique to the Millennial cohort, effectively flipping the traditional notion that children will be better off financially than their parents on its head. The far-reaching ripple student loan debt and delaying marriage are making have lasting economic effects on other major life choices like buying a home, having kids, and saving for retirement.
Why Millennials are Waiting to get Married
Marriage and finances are complicated, and money is still one of the biggest reasons couples divorce. Whether one spouse or both carry student loan debt, long, intimidating repayment programs can leave couples feeling broke and virtually unprepared if faced with unexpected medical expenses or a job loss. Even couples who decide not to combine finances must make important decisions about taking vacations, whether or not to stay at home with children, and who is accountable for paying down the debt, which may cause shame and resentment. Ironically, many Millennials find themselves married to their jobs, even if unhappy because they can’t afford to make changes or take a pay cut, further affecting the relationship dynamic.
Say “I do” to My Education Solutions
The burden of student loan debt doesn’t have to stop you from pursuing the life you’ve always imagined, or take the romance out of your ideals of marriage. My Education Solutions has a proposal that anyone with student loan debt won’t want to turn down. My Education Solutions works with student loan borrowers to offer true loan forgiveness to lower their monthly payments by up to 70 percent or $400 on average. In a few simple steps, you can find out if you qualify for student loan forgiveness, or talk to a local expert Advisor about options that will work best for your situation.
If you’re feeling held back in life by your student loan debt, say “I do” to My Education Solutions and begin focusing on what really matters. Contact us at 800-618-1170 or www.MyEduSolutions.com.
Sources:
https://commons.cu-portland.edu/
https://www.federalreserve.gov/releases/g19/HIST/cc_hist_memo_levels.html
https://www.experian.com/blogs/ask-experian/what-is-the-average-student-loan-debt/
