As our college graduates become increasingly more encumbered by their student loan debt, an unlikely victim is emerging: marriage. Becoming bound to one another through the sacred union of marriage is being put off by many in order to spend time paying down their student loan debt. As a result, the average age for marriage is increasing, and new generations are being destined to grow up with older parents.
While the implications of this "older" family are not yet known, little guesswork needs to be done to predict what a few of those problems may be.
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The Average Age for Marriage
According to IHS Global Insight, the median age for marriage in 2007 was 27.5 years old for males and 25.6 years old for females. However, the same research firm found those ages increased to 28.7 and 26.5 respectively in 2011.
While those numbers show roughly a year increase for both sexes, the fact that such an increase occurred over a mere four years is what's truly astonishing. Furthermore, that dramatic increase took place during an economic downturn and during a time when college students were graduating with record-breaking student loans.
As our current students and recent graduates contemplate how they will repay their college debt while unemployed or underemployed, the question they're asking isn't, "Will you marry me?" but instead it's, "Can we get married after I pay off my student loans?"
The Risks of an Older Marriage
But the choice to postpone marriage in order to satisfy student loan debt isn't unwise. When financial problems rank number one in the top 10 reasons marriages fail, our educated youth are making prudent decisions to put marriage off. However, such decisions do not come without risks.
One of the largest risks associated with marrying at a later age is related to beginning a family later in life.
The Center for Bioethics at the University of Pennsylvania revealed that fertility rates drop significantly after women turn the age of 35. Additionally, women over 40 subject themselves to double the risk for miscarriage during the first trimester of pregnancy when compared to pregnant women of 35 or younger.
When student loans postpone the creation of families, it's not difficult to see how they may possibly contribute to future pregnancy complications in our college-educated youth of today.
Furthermore, having children later in life also leads to the inevitable outcome of kids being raised by older adults. Having a baby at 40 years old means parents will be legally responsible for their children until both parents are nearly of retirement age. When past generations welcomed grandchildren into the world around their retirement, our nation's future parents may still be raising children of their own.
Our college-educated youth are facing obstacles unlike any experienced by past generations: they are being told they must go to college for a career, they're entering their 20's with unprecedented debt, and now they're starting their families later on in life. Student loan debt is sinking its teeth into facets far away from the lending world, with the institution of marriage and the concept of the family being perfect examples of that.
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