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In a recent article, Wall Street Journal’s Sue Shellenbarger took a deeper look at how student loans have altered graduates’ decisions to start a family after college. One story in particular stood out: A couple said the $74,000 in student loans they took out as undergraduates has forced them to put off marriage and their hopes of having children.
“Ms. Romine’s $900-a-month loan payments eat up 60% of the paycheck she earns as a bank teller in Beaufort, S.C., the best job she could get after graduating in 2008.
Her fiancé Dean Hawkins, 31, spends 40% of his paycheck on student loans. They each work more than 60 hours a week. He teaches as well as coaches high-school baseball and football teams, studies in a full-time master’s degree program, and moonlights weekends as a server at a restaurant.”
With student loan debt compounding, this issue could become more evident as the years continue. It will certainly be interesting to see how the marriage rate is affected in the coming years, as loan defaults continue to rise.