You take out student loans so that you can embrace an opportunity for learning and future personal growth.
Not to divorce.
That loan/divorce nexus spells an uppercase irony, to be sure. Millions of Americans, including legions of Arkansas residents, take on student debt out of a belief that it is essentially good medicine. They reasonably expect that their payment exactions will be compensated for by expanded employment opportunities and firm financial traction down the road.
Although that certainly turns out to be the case in many instances, it is far from a routine outcome. In fact, a recent report indicates that college-linked debt plays a role in fully one-third of all divorces. Moreover, 13 percent of surveyed individuals with educational debt point directly to that challenge as being the prime catalyst in their divorces.
That hardly seems surprising when, as noted in a recent CNBC article on student loans, the “average” amount owed has spiked by more than 60% over the past 10 years. Staggeringly, it now stands at more than $34,000.
That is understandably a stark hurdle for many young married couples, especially those in marriages where both partners are tasked with repayments. The above-cited media piece duly stresses that couples owing scores of thousands of dollars for past education must often assume constrained lifestyles, delay having children, forgo buying a house and deal with other outsized financial pressures.
Bankruptcy might be a viable strategy for many of them to invoke. Although student debt itself is often deemed off the table as an obligation that can be readily discharged through bankruptcy, it obviously contributes to other financial woes that can be addressed via a bankruptcy filing.
Cumulative economic pressures face high numbers of married American couples these days. Many of them become buoyed by knowing through consultation with a proven debt-relief attorney that strategies exist to help them regain traction and a fresh financial start.