By Raelynn Leggio
As law students we are experiencing first hand the crushing weight of debt in order to obtain our degrees. In 2012 the average law student had incurred approximately $140,616 of debt. This figure doesn’t include undergraduate debt, and millennials are truly feeling the pressure as tuition for undergraduate and graduate programs only continues to increase.
So what does that have to do with marriage?
Although many millenials face significant debt burdens, the cost of a formal wedding continues to increase. Wedding spending is at an all time high in the U.S., with a 2015 survey from The Knot revealing that couples shell out an average of $32,641 for their big day; that’s about the same price as the average tuition at a private undergraduate university. If you want your big day to be in Manhattan, you could be spending about $82,299. Every reception category from the venue price, to custom guest entertainment, to wine and liquor tastings has increased, while the lists of invitees have gone down to an average of 139 guests.
But that is the reality we face today. The cost of getting married is just added to the mountain of debt that students owe. Student debt has become the new normal and so is the delay of experiencing many life milestones. Marriage, buying a home, and purchasing a car are the top three things that are being delayed by the recent graduate, according to the Consumerist, with 56% of the millennial age bracket stating that their debt has turned them away from investing or starting a family.… <Read More>