When it comes to student loans, marriage can be a complicated issue. If you’re married and have student loans in your name, your spouse may be legally responsible for repaying the debt if you die or become disabled. In addition, if you file for bankruptcy, your student loan debt may not be discharged unless you can prove that repaying the debt would cause undue hardship for you and your family. As a result, it’s important to consider the implications of marriage on your student loan debt before tying the knot. To consider all of your options, read about credit card refinancing vs debt consolidation to get a better picture of how to pay off debts.
If you’re currently married and have student loans in your name, you may want to consider refinancing the debt to protect your spouse from legal liability. However, this is just one of many factors to consider when it comes to student loans and marriage. Every couple’s situation is different, so it’s important to discuss the issue with your spouse and seek professional financial advice before making any decisions.
Here is everything you need to know about student loans and marriage
Student loans can be a touchy subject for married couples. On the one hand, you may want to consolidate your loans and have one spouse responsible for the debt. On the other hand, you may want to keep your loans separate to keep things fair.
What’s the right answer for you? It depends on your situation.
If you consolidate your student loans, you’ll have one monthly payment to make instead of two (or more). This can simplify your finances and make it easier to stay on top of your loan payments.
However, consolidating your student loans also means that both spouses will be responsible for the debt. So if one spouse defaults on the loan, the other spouse will be on the hook for the entire amount.
If you keep your student loans separate, you’ll each be responsible for your own debt. This can give you a sense of financial independence and could be a good option if one spouse has significantly more debt than the other.
The bottom line
Of course, there’s no right or wrong answer when it comes to student loans and marriage. It’s all about what makes sense for your unique situation. Talk to your spouse and figure out what approach makes the most sense for you both.