Welcome to Extreme Investor Network, where we provide unique and valuable information about personal finance to help you make informed decisions and achieve financial success. Today, we’re discussing a topic that many college graduates can relate to – student loan debt.
It’s no secret that student loan debt is a major issue facing many Americans. In fact, nearly 1 in 5 student loan borrowers are hiding their loan balances from their partners, according to a recent report from NerdWallet. The shame, guilt, and anxiety surrounding student debt can lead borrowers to keep this information secret, but experts recommend being open and honest about your financial situation.
Outstanding education debt in the U.S. currently stands at around $1.6 trillion, with the average loan balance at graduation hovering around $30,000. This debt can often create power imbalances in relationships, especially when one partner has significant debt while the other does not.
So, how can you talk about student debt with your partner in a healthy and productive way? The key is to be kind to yourself and take responsibility for your financial situation. Your partner is likely to be more supportive than judgmental, so there’s no need to hide the truth.
When you’re ready to open up about your loans, choose a calm and quiet space where you can both focus. Start by explaining why you kept your debt a secret and how you’ve been feeling about sharing this information. Use “I” statements and apologize if necessary. Your partner will likely want to know how you plan to pay off your debt, so be prepared to discuss your plans.
Remember, in healthy relationships, honesty and communication are key. If you feel unsafe or experience any kind of abuse, there are resources available to help you. At Extreme Investor Network, we believe that having open and honest conversations about money is essential for building a strong and successful relationship.
Stay tuned for more tips and advice on personal finance from Extreme Investor Network. We’re here to help you navigate the world of finance and achieve your financial goals.