Student Loans: Should You Tell Your Partner?5 min read
College education is like an investment in one’s future. With a college degree, you are literally changing your life for the better as it opens you up to countless opportunities and higher-paying jobs. There is no denying the fact that a college degree is important, but you also have to face the fact that college degrees cost a fortune and can bury fellow graduates in a heap of debt!
Not everyone comes from a financially-stable family, but with student loans backing you, it shouldn’t get in the way of your education. Student loans are an excellent way to make unattainable college education a reality for financially struggling students.
While student loans might initially feel like a blessing, it can take a lifetime to be fully paid off and can be the source of life-long stress. Recent surveys have shown that about one-third of the young graduates under the age of 30 have huge outstanding student debts.
Fresh out of college, most people think about getting good jobs and settling down, but dating with huge debts can also be complicated. There is always a constant soul-crushing burden that you have to carry around and might cause a lot of stress for some people. Most people struggle with whether or not to tell their partners about their student loans, and the answer is “YES” and “No.”
If you’re seeing someone casually and don’t see it going somewhere, there’s no need to have the “talk” with them. You have your fun, and you move on. But it’s always better to come clean when things get a bit serious. We know it might be embarrassing for some people to expose their vulnerabilities, but in the end, it all works out for the better. When you tell your partner, it gives both of you a grasp over your financials so both of you can plan your finances accordingly.
Get All Your Facts Straight
Before you decide to come clean, it’s better to keep your facts straight. Know your student loans inside out, their interest, and how you plan on paying it back. You should approach your partner with a solid plan on repaying your debt, so you don’t freak them out. Make sure you go in with confidence and avoid all kinds of sloppy behavior.
Plan Your Finances And Avoid Rookie Mistakes
After finishing school, most people focus on having a posh and lavish life, which ends up putting them in even more debt. You need to cut off all unnecessary expenses and focus entirely on paying off your loans.
This book is entirely focused on the common financial mistakes that women usually make and how to overcome them. Patrice J. Washington’s “Real Money Answers for Every Woman: How to Win the Money Game With or Without a Man,” tells an amazing story and comes with some great advice on how to cut off obsessive shopping habits and take a step towards financial solvency.
It also talks about a 22-year old Patrice who had an obsessive spending problem and massive student loans and how she became debt-free by the time she was just 25! It also provides readers with some hacks on how they can pay off their student loans as fast as possible.
Create A Simple Repayment Process
After planning your finances, it is important to create a logical repayment process that works best for you. You need to maintain consistency in your payments, so you don’t raise your interest rates. We can take a page from Daniel J. Mendelson’s “BYE Student Loan Debt: Learn How to Empower Yourself by Eliminating Your Student Loans.” This book talks about the story of how the author (Daniel J. Mendelson) and his wife paid off nearly $150,000 in student loans in just 5 years.
It also tells readers the steps and measures students can take in order to repay the loans smoothly. But most importantly, it helps students design a decent repayment structure and consists of 5 simple steps that the students can take and kiss their student loans goodbye!
Plan For The Future
When you plan for the future, it makes your partner feel secured. They know that you are a responsible adult and know what you are doing. You can take a page from Patrice J. Washington’s “Real Money Answers for Every Woman: How to Win the Money Game With or Without a Man” It teaches about home-ownership and affordable childcare services allowing readers to plan for the foreseeable future. When you have your future all figured out, your partner will definitely take the news smoothly as they see a responsible adult in charge.
Timing Is Everything
Once you have a full-proof plan, you have to figure out the perfect time to drop the bomb and make sure your partner takes things smoothly. You don’t want to pick a bad time and screw this whole thing up, as this is a very delicate matter.
Approach The Topic Gently
Debt can be a very stressful thing for most people, so it’s better to reach the topic very gently. It’s better to talk it through and explain the situation thoroughly. While you are on the subject, ask them if they have any outstanding debts and assure them that you can work through it together. Assure them that the debt is not going to get in the middle of the relationship whatsoever.
Life’s too short to be stressed out about petty things such as student loans, and it’s definitely not worth it to ruin your relationship by keeping it a secret. Keep in mind that coming clean will always help you in the long run, and you can live with a clean conscience. Life is meant to be enjoyed, and the easiest way to do that is to have an honest relationship with your partner, especially about your financial status so you can make major financial decisions without any surprises.