What Will Happen To Student Loan When You Get Married
Basic Information related to your Student Loan When You Get Married
We human believe in this think that “what is yours is mine”. But many newly married don’t like this idea of sharing the student loan when you get married. But you have to keep this in your mind when you get married the student loan will be coming along with your way.
The better option is to pay back it before you get married because many people take a loan for the wedding as well. If you will have a loan for studies along with the loan for a wedding, it will be quite hard for you to pay back even though, your spouse is working with you to pay back it.
Your income-based repayment plan could change
When you get married, you can file your taxes jointly or continue filing for an individual person but not for two people. What you choose to do impacts your student loan debt if you take advantage of an income-based repayment plan.
If you chose to file the student loan for both of you it will decrease the amount of tax bill, but it increases your household income. A household income is which tells you what you have to pay for the student loan this month. It will be increased.
Your new spouse could be responsible for your debt
Your spouse could also be responsible if you default on your loans, or if they cosigned with you. If you default the student loan, you have to pay back it eventually because it is a right of the state to take back what they have given you as a loan. Or the lender is going to ask for it.
Your debt is still your debt in most situations
There are some extreme conditions when you don’t have to pay back the loan. Those extreme conditions are when you are no more or in the situation of default. But don’t think that marriage will make leniency when you will be a married person. Your debt is still yours to deal with even after marriage.