foreverbull

Full Member
5+ Year Member
Sep 8, 2015
1,250
1,690
Has anyone else experienced a similar situation (i.e. marriage while repaying or starting to repay and/or refinancing) and what did you opt to do?

I'm leaning toward refinancing and joint filing but am a little concerned about keeping the monthly payment down to a reasonable number.
 
Last edited:

Pragma

Neuropsychologist
7+ Year Member
Dec 29, 2011
3,308
711
Status (Visible)
  1. Psychologist
Kind of depends on the type of loan and if you are aiming towards any of the forgiveness options. Some of the income-based plans let you file separately and not count your spouse's income, which will keep your payment low. However, if you don't have a forgiveness option then I'd pay as much of it down as fast as possible (at least interest as JS stated).
 

MamaPhD

Psychologist, Academic Medical Center
10+ Year Member
Aug 2, 2010
2,355
2,631
Status (Visible)
  1. Psychologist
Congrats on your marriage. Hopefully by now you and your spouse have reached a mutual understanding about how you will handle money matters in general. My husband and I came into our marriage both with modest student debts, which we kept in our respective names. Our philosophy was (and still is) to combine incomes, keep prior debts legally separate but in practice treat each other's as our own, strive to get the best terms possible, and make any future major financial decisions together.
 
  • Like
Reactions: 2 users
About the Ads

foreverbull

Full Member
5+ Year Member
Sep 8, 2015
1,250
1,690
Congrats on your marriage. Hopefully by now you and your spouse have reached a mutual understanding about how you will handle money matters in general. My husband and I came into our marriage both with modest student debts, which we kept in our respective names. Our philosophy was (and still is) to combine incomes, keep prior debts legally separate but in practice treat each other's as our own, strive to get the best terms possible, and make any future major financial decisions together.

Thanks! The main issue is that we are trying to be fiscally smart about how to tackle the debt in a way that allows for lower payments in the present that we can adjust upward in the future when in a better financial position and lower overall payoff amount (balancing flexibility in payments with as low of a payoff amount as possible).
 
Last edited:

foreverbull

Full Member
5+ Year Member
Sep 8, 2015
1,250
1,690
I didn't mean that your debt won't affect your spouse or that he should not help pay it off, only that, if it is in reconsolidated into shared debt, it is still student loan debt, and, if you get divorced, you die, or whatever, your spouse will be responsible for paying it off. By keeping it in your name, you protect your spouse from those outcomes.

For sure! My spouse has no student loan debt, so that isn't an issue for me personally, but that's a good point for those who are considering reconsolidating their own loans to a joint loan....you are putting your partner on the hook for your debt if something happens to you. Good to keep in mind!
 
About the Ads
This thread is more than 3 years old.

Your message may be considered spam for the following reasons:

  1. Your new thread title is very short, and likely is unhelpful.
  2. Your reply is very short and likely does not add anything to the thread.
  3. Your reply is very long and likely does not add anything to the thread.
  4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
  5. Your message is mostly quotes or spoilers.
  6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
  7. This thread is locked.