Consolidating student loans after marriage

22-Mar-2020 14:16

Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one!

Consolidating allows you to merge multiple eligible loans into a single loan.

But if you and your spouse together earn more than 0,000, you’ll lose the deduction. If you co-sign your spouse’s private student loan, you’re legally responsible for repaying it if he or she can’t.

The loan will also appear on both of your credit reports, where it could impact your ability to take on new credit or debt, such as a mortgage.

Chances are if you have a significant other, he or she probably owns some of that debt.

Like any student loan issue, it starts with a call to the student loan servicer.

When I asked about how marriage would affect my student loan payment, I proposed the following hypothetical.

Suppose my spouse and I each make ,000 per year, both have student loans, and both are on IBR.

Will our payments be the same as two single people making ,000 per year, or will they be double.

Chances are if you have a significant other, he or she probably owns some of that debt.Like any student loan issue, it starts with a call to the student loan servicer.When I asked about how marriage would affect my student loan payment, I proposed the following hypothetical.Suppose my spouse and I each make ,000 per year, both have student loans, and both are on IBR.Will our payments be the same as two single people making ,000 per year, or will they be double.Ask your tax preparer to check your tax bill for both options.