There are a lot of sacrifices that come with debt, and while some of them are financial, others are very personal. According to MarketWatch, student debt is growing at an alarming rate, and a survey on The Impact of Student Debt on the Daily Lives of Young Americans by the American Student Assistance (ASA) says up to 29 percent of couples are putting off marriage until a later date—but why?
According to the ASA, many couples consider personal student loans an obstacle to economic security—something that they feel marriage requires, especially when it comes to investing in a new home, new car or in raising a child. The fact of the matter is that student loan debt is hard to avoid—especially when four-year public college tuition has risen as much as 40 percent in the past 10 years alone.
“Finding a partner who is both your perfect match and debt free is nearly impossible,” says Michelle Brownstein, senior vice president of the Private Client Group at Personal Capital, a company that offers financial strategies, tools and management. “The worst-case scenario isn’t getting married to someone with debt—it’s being blindsided about it after you’ve tied the knot.”
Getting married with personal debt may be hard to avoid, but it’s no reason to hold back. By creating a space for you and your partner to discuss money matters openly, it’ll be much easier to tackle any and all financial hurdles together. If you’re seriously considering marriage, be honest and open about your debt history and discuss your options. “If you’re debt free and your spouse is still paying off thousands of dollars of student loans, figure out if the repayment plan is a joint or individual responsibility,” Brownstein says. “And be realistic about how that will affect your shared plans for other financial priorities.” It’s never too early to discuss your financial priorities and build a budget together, especially when marriage is in the mix. After all—it’s a well-crafted budget that makes an anniversary getaway possible!
