We’ll spell it out.
That is a billion 1,500 times over. We’ll just ask our blog readers across New Jersey and elsewhere to consider that figure for a moment in the context of America’s student loan debt.
The bottom line: That’s what individuals and families across the country collective owe for the loans they took out (and are obviously still taking out in millions of instances) for college and other advanced schooling.
Educational debt in the United States is flatly a mixed blessing. When it works as planned, it helps legions of Americans obtain valuable experience and credentials that translate to good jobs and an attendant ability to fully pay back lenders. Conversely, the flip side of that can be unanticipated down-the-road struggles that are materially marked by persistent debt woes and lost opportunities.
And the higher the pay-back exaction, the greater the likelihood of default and personal challenges across a varied front.
The “average” outstanding student loan balance is reportedly about $34,000 these days. When configured into a marriage where both partners have such debt, it is easy to see that some stark financial challenges can arise.
In fact, many divorced couples spotlight student debt as a core catalyst underlying their failed marriages; fully 13% of respondents in a recent poll of divorced Americans say that insuperable loan exactions were the predominant factor leading to marital dissolution.
Debt-related challenges often comprise core subject matter for an individual seeking professional input from a family law attorney. Proven legal counsel can address issues broadly ranging from home foreclosure and asset identification/division to the execution of a marital contract addressing debt (e.g., a prenuptial or postnuptial agreement) and additional matters.