Should you help your significant other student loan payments?
Money is often the main source of contention between couples. The burden of student loan debt in a relationship certainly does not help long-term partners build wealth together. You might even have thought of helping your partner pay off student loan debt so that you can enjoy your debt together in the future.
There is some disagreement about whether it is wise for significant other people to help each other repay their student loans. Couples often want to combine finance with their partners, which may mean that they can help them pay off their debt once and for all. Others believe that finances should be separated from each other — if their partner got into debt, his or her responsibility is to get out.
Why you should help your significant other student loan repayments
As a person with student loan debt of $ 33,000, I know how burdensome the numbers can be. My husband, too, because he has more than $ 300,000 in arrears on a student loan, most of which goes to medical school.
Despite the fact that he should be almost 10 times more than me, I still feel that it is our duty to fight together. We plan to help each other fully pay off. I know that if we also work together to pay off, we will get rid of debts much faster.
In fact, helping your other significant player repay his or her student loans has financial and emotional benefits.
1. You reach your goals faster
When one or both partners in a pair have debts, it keeps them from doing what they really want to do together in life. Be it a family vacation or retirement savings, working together to overcome debt can help you quickly reach your goals in a pair, especially if one person earns a significantly higher income.
This can be a win-win: both partners can do what they like, quickly achieve mutual financial goals and move on to new phases of relationships, such as buying a home or having children.
2. You can strengthen your relationship
When two people enter into long-term relationships, it is expected that they will work together to achieve common goals. However, monetary problems are the main cause of tension for many couples and are often overlooked. Meeting a difficult conversation about how you will pay off your debts together can bring to the surface the problems associated with money and convince you to work together.
It also makes it possible to achieve difficult goals together. Paying attention to expenses, investing additional income in repayment of loans and concentrating on maintaining the budget, the couple can develop a spirit of cooperation and find out what two people can achieve together.Of course, all relationships are different, and not all couples will find that helping each other in paying off student loan debt is the best choice. There are several cases in which you better allow yourself to take up the debt of your other student loans alone:
1. You support individual finances
According to a TD Bank survey, 42% of couples with joint bank accounts also maintain separate individual accounts. The biggest reason for this? Couples wanted independence and the ability to make independent decisions about personal expenses.
There is nothing wrong with keeping individual finances in a relationship. Some people feel constrained when they have to maintain a total budget with a significant other, or find that they cannot spend their own money as they please. Usually couples have separate accounts in addition to a joint account for common expenses such as mortgage payments and food.
If you are part of a couple who likes to share things, student loan debt should not be different. If you do not expect your significant friend to help you pay your credit card bills or everyday expenses, you should also not ask for help in paying off your student loan debt (and should not)
2. Your partner does not manage money well
A history of money problems is a good reason to allow your other half to handle student loan debts without your help. Bad financial decisions or lack of money management skills will not improve if you are there to help out your partner.
Instead, act as his or her biggest supporter and give advice only when asked. When it comes to achieving goals, especially those related to money, it is sometimes best to allow a poor money manager to master the hard way and hone some personal finance skills.
There are compelling reasons to help your significant friend pay off a student loan, and also stay away. Your decision should be based on how well your partner manages the money, what you agreed to, as a couple, and how much the student loan debt affects your life.
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