The unfortunate reality for many college graduates today is that when they walk across the stage to receive their handshake and diploma, they are not just receiving a lifetime of opportunities but also a mountain of debt.
Statistics from the Institute for College Access and Success show that college graduates in 2012 who took on debt to finance their education carried an average of $29,400 in student loans. The figures were even grimmer for those enrolled in graduate programs.
Fortunately, help managing student loans can come in the form of marriage, as both spouses may be earning salaries and, in turn, greatly expanding the pool of available resources to pay down the debt. Indeed, this holds true even if both spouses enter the marriage with otherwise sizeable educational debt.
What happens if spouses in these situations decide to pursue a divorce?