Study.com’s recent millennium survey found that 28 percent of respondents put off “important life decisions,” such as marriage and having children, because of their student loans.
This is more than one in four young people who postpone their future indefinitely because of debt. Moreover, a whole generation of Americans may not exist at all if the problem of student debt is not solved.
This is why student loan debt forces so many millennia to avoid having children, and more importantly, how they can get over debt to create their own families.
Reason number 1: Stress
David Carlson, a personal finance expert and Young Adult Money blog owner, said: “My wife and I absolutely detain children because of a student loan debt.” He explained that this caused depression in their life , and he does not want to have kids until the family .
Carlson is not alone. A study by the University of South Carolina and the University of California at Los Angeles showed that “those who owe money for student loans have a general increase in the number of mental health symptoms that signal depression …” The study also showed that more symptoms followed. ”
For people experiencing stress or depression due to student loan balances, the only way to alleviate these feelings is to start making significant progress in their repayment strategies.
Regardless of whether it means refinancing student loans at a lower interest rate, taking on additional work or additional activities, or significantly reducing costs, most people do have the ability to quickly repay their loans using a proactive and focused approach to their budgets costs and repayment.
Related: ITT Tech Student Loan Forgiveness
Reason 2: Child Care Costs
Rebecca Stapler, a lawyer and personal finance blogger, explained that childcare costs are largely taken into account when planning her family. She said: “We delayed having a second child because of a student loan debt. My husband and I met at law school, and they had the same six-figure loans. We waited four years to have a second child so that we could share our childcare costs, which are more than $ 20,000 a year for caring for babies in our area. ”
According to the Pew Research Center, the average cost of child care depends on where you live in the United States. For example, in my hometown of New Jersey, the annual cost of child care can be up to $ 12,000 per child per year. Since I have two children, this is one of the main reasons why I only have a part-time nanny.
For parents who do not have flexible schedules, the cost of childcare services is largely taken into account when making family planning decisions.
If for this reason you are postponing the birth of children, there are many options. For example, you can hire an au pair, an employee from another country who comes to the US to live in your home and help with childcare and housekeeping. An Au Pair is working no more than 10 hours a day, five days a week for about the same price as part-time help.
You can also join a cooperative where parents voluntarily spend time in kindergartens or preschool institutions in exchange for lower monthly expenses. You can also be creative by exchanging babysitter services with other mothers or by agreeing on flexible working hours.
I personally waited to have children until I knew that I could be self-employed. I saved six months of stable income from self-employment before I even tried to have a child. When I had twins, I worked as much as I could, but still cared for them during the day. The schedule was cruel, but today I have more balance with the nanny at half time.
If you are looking to have a family one day, be aware that there are several options for caring for children at different prices. You just need to find the one that is best for you.
Related : Top Student Loan Forgiveness Programs
Reason number 3: Low income
Kirsten, an aerospace engineer and blogger from the Indebted Mom, explained that when her husband received an engineering degree and got his first full-time job, he earned only $ 30,000 a year with more than $ 100,000 in student loans.
“Our monthly payments were close to $ 1,500. I could not imagine that I have children at this moment! How in the world can we afford them ?! “, – she said. “We had to wait until our income increased significantly. After our total revenue grew by $ 50,000,we finally felt that we could afford children. ”
Raising a child born in 2013 at the age of 18 years costs an average of $ 245,000. Because of this, many parents, such as Kirsten, want to wait until they feel financially secure enough to have children. This should definitely be taken into account, since financial stability is an important component in raising a family.
If you want to increase your income before the birth of children, there are many ways that you can use.
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