Users' questions

Is a student loan marital debt?

Is a student loan marital debt?

Generally speaking, any debt acquired before marriage is considered separate debt unless there is a legally valid pre- or postnuptial agreement stating otherwise. If student loan debt is determined to be marital debt, then it will likely be divided between both parties.

Do you have to pay off student loans if you get married?

Fortunately, the answer is no—at least, not when it comes to the legal responsibility for the debt in marriage . Debt that exists before a couple gets married, including student loans, is “individual property” and remains the sole responsibility of the partner who initially borrowed it.

Can a student loan affect your spouse’s credit?

So if you have student loans, you don’t have to worry about them having a negative impact on your spouse’s credit history. These student loans won’t be listed on your spouse’s credit report. The exception to this is if you and your spouse have any shared loans or accounts, including co-signed student loans.

How does IDR work if you are married and have student loans?

If you’re married and filing taxes separately, IDR payments will be based only on your individual income. When IDR payments are calculated with a joint income, they also consider both spouses’ federal student loans. So if you and your spouse both have student loans, your IDR payments could be lower to account for what your spouse owes. 7 

What happens to your credit when you get married?

When you get married, you continue to maintain a separate and individual credit report from your spouse. Your credit history file or score won’t be affected by your partner’s debt or credit history once you’re wed. So if you have student loans, you don’t have to worry about them having a negative impact on your spouse’s credit history.

How does marriage affect your student loan debt?

If you’re on an income-driven repayment plan for your federal student loans, getting married could affect your payments . If you file your taxes as “married filing jointly,” your income and your spouse’s income will be combined into one adjusted gross income. As a result, your bill could increase significantly.

How getting married can affect your student loans?

How Marriage Affects Your Student Loans 1. Your monthly payment could increase If your federal student loans are enrolled in one of four income-driven repayment… 2. You could lose the student loan interest deduction Any individual who earns less than $85,000 in modified adjusted… 3. Your

Can a student loan be considered marital property?

The general rule is that any student loan debts that one spouse incurred prior to the marriage will be his/her non-marital property. This means that he/she will be solely responsible for repaying the student loans after the divorce. If the student loan debt was incurred during the marriage, the Court can divide the debt between the spouses as part of the property division.

Should married couples consolidate student loans?

There are advantages to consolidating student loans with your spouse. Those advantages are: If one of you has a higher credit score than the other, the better score helps determine the interest rate, which could be lower than what you are currently paying. Lower interest rates often lead to savings.