College loan debt appears to be an important factor in one in eight divorces. USA Today explains:
In general, finances are the leading cause of stress in a relationship, according to a study by SunTrust Bank, and student debt takes a particularly hard toll on a marriage.
More than one-third of borrowers said college loans and other money woes contributed to their divorce, according to a recent report from Student Loan Hero, a website for managing education debt.
In fact, 13 percent of divorcees blame student loans specifically for ending their relationship, the report found. Student Loan Hero surveyed more than 800 divorced adults in June.
And college loan debt burdens seem to be growing.
According to Experian, the average outstanding balance is currently $34,144. That is an increase of 62 percent over the last decade.
According to a report by the Consumer Financial Protection Bureau, the percentage of those who have a debt of $50,000 or more has tripled over the decade.
If you are preparing to go to college in the next few years or have a child who is, the staggering cost of a college degree is likely wieghing on your mind.
IWF is exploring the college loan crisis and presenting some alternatives to entering upon one's career with serious debt on September 11 at the Kirby Center.
We'll explore why college cost is skyrocketing and what some alternatives are to taking on potentially crippling debt early in life.