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Student loans are the bane of every student’s existence, myself included. They’re a big contributor to my empty bank account and sleepless nights. You would think that loans would only affect our wallets, but that’s not necessarily true. Debt has a way with ruining our love life as well. Student Loan Hero surveyed over 1,000 student borrowers about how student loans have affected their relationships. You might want to make some tea for this one.
When you’re working 40+ hour weeks to pay a loan off, it makes it hard to make a relationship last… or begin, for that matter. It’s hard to find time for love when I hardly have enough time for myself outside of work. Which brings us to our first order of business: finances. When I want to date, I’m in it for the long haul. I don’t want to waste my time with short-term flings, especially at my age. Because of this, I’m very picky about my potential partner’s financial situation. Student Loan Hero decided to ask participants what financial traits were the most appealing.
Student Loan Hero
Out of 1,000 respondents, 72% admitted that they looked for a partner that could budget properly. I’d definitely say the same. It doesn’t matter how much or how little you make if you can’t keep track of what you can safely spend. Only 29% of people ranked no student loan debt highly, however I feel like that has more to do with that fact that it’s rare not to have any.
As for you lucky couples in love, I have a question for you. When do couples fight the most? When they’re stressed. And what’s the biggest cause of stress for students? Loans. Mix those two together and you have a recipe for disaster. According to Student Loan Hero, more than 43% of participants admitted to fighting about money “somewhat often”. 24% of respondents even chose to keep their loans a secret from their partner.
I can’t imagine how that would be possible considering how often Sallie Mae sends me letters and emails.
Unfortunately, stress leads to quite a number of relationship pitfalls, including lying to your partner or keeping secrets from them. On a happier note, some couples are willing to help each other out with debt payments. If your debts really worry you, it wouldn’t hurt to talk some options over with your partner. According to Student Loan Hero, 55% of participants revealed that their partners helped manage their debt.
Student Loan Hero asked participants to reveal what they decided to sacrifice to cover their loans. The results were painfully relatable.
Student Loan Hero
If I hear another baby boomer argument about millennials not having children I will scream. If they really want a reason, I will forward them this study. At least 46% of participants put off starting a family due to the looming loans under their name, and 35% delayed getting married. I’ll shamefully admit that I’m part of the 13% that had to put off a first date because I could barely afford bus fare, let alone a nice night on the town.
Student Loans are a definite cause for concern.
To those who have student loans above your head, I salute you. We’ll get past this dark hour one day. Until then, I’m regretfully single.
