The Dilemna of Having Large Student Loans & Waiting to Start a Family

I am 26 years old. I am starting to worry about my financial future, as I have graduated with $85,000 in student loans. I am worried about retirement savings and I am worried about my short term future. I am worried that it would be irresponsible for me to get married and have children when I am in debt. The majority of my loans are private, so repayment plans are at a minimum. I have calculated that even with accelerated payments, that I can only be debt free within 10 years with my current salary. That’s 10 more years of living at home, no room for savings, and delaying the family that I know I want. I want to know if it is smart to think of these rewards when I have the burden of debt hanging over me? I know that my priority is to eliminate the debt as fast as possible, but I can only do so much and I am scared that 10 years is too long of a time to wait for a family.

A. You’re not alone in your concern about student loan debt. It is a top concern among American college students. The average student has approximately $30K in student loan debt, and many people have much more than that. This puts young people in the increasingly common predicament of having to live with their parents much longer than they had planned. These circumstances force many people to rethink their plans about their futures.

Obviously, you will have to pay back your student loans, but I’m not sure if it needs to come at the expense of delaying your plans for a family. You should explore your refinancing options. You might also consider extending your debt payoff time frame from 10 years to 15 or 20. There are likely other potential options to explore as well.

It would be helpful to consult a financial advisor and or thoroughly research your options. There are many good websites that can help. You might also discuss your concerns with a therapist. It’s always wise to consult a specialist when planning your future, financially or otherwise. Please take care.

Dr. Kristina Randle

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