Miscellaneous 

Do student loans affect your spouse?

Leia Doyle

Do student loans affect your spouse?

Debt you bring into a marriage typically remains your own, but loans taken out while married can be subject to state property rules in divorce. And if one spouse co-signs the other’s private student loan, he or she is legally bound to the loan unless you can obtain a co-signer release from the lender.

Can husband and wife consolidate student loans together?

Determine consolidating or refinancing: If you’re looking for ways to simplify repayment, you may be wondering, “Can married couples consolidate student loans together?” Unfortunately it is no longer possible to consolidate your federal or private student loans with your spouse’s loans.

Can you refinance someone else’s student loan?

“Student loans cannot be put in someone else’s name other than by refinancing them into a new loan,” student loan expert Mark Kantrowitz explained over email. In order to wind up on the loan, you’d probably have to refinance to a private consolidation loan or a non-education loan such as home equity.

What is a spousal consolidation loan?

The federal government started allowing married couples to consolidate both of their federal student loan obligations into a single loan beginning in 1993. In plain language, this means that if one spouse totally flakes out on the loan for any reason, the lender can go after the other spouse for the entire balance.

Should I pay off my spouse’s student loans?

The answer is—that depends. If your husband or wife is a cosigner on the loan, he or she is equally responsible for the full amount. If you took out your loan before you got married, then your spouse isn’t required to pay it during the marriage or if you get divorced.

Can direct consolidation loans be forgiven?

Direct loan consolidation allows borrowers to take advantage of different income-based repayment programs, which can lead toward loan forgiveness, depending on the borrower’s repayment and circumstances. Here’s what borrowers need to know about a direct consolidated loan.