Would my wife be responsible for paying back dental school loans if...

[Cofo]

My fiance is worried about the amount of loans I would have to take out once im in dental school. She is worried that if something ...like a freak accident happens me to where i couldnt be a dentist anymore...and it prevents me from paying back the $200,000 to the bank....that she would be responsible for paying back the $200,000. is this true? would she be the one responsible to pay back my dental school loans?

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[Cofo]

I'm getting married and I want to know if my wife would have to pay back the loans if I were to become disabled and I couldnt be a dentist anymore.

 

[cjb04]

That's a reason for disability insurance and life insurance. If you become disabled or die, these will cover up to the policy amount. If you are not insured, then yes, whatever assets you have are at risk.

 

[MTD52]

No, I don't think you're responsible. Although I'm not sure what changes when you get married, if that were to happen to someone's child, the parent is not responsible unless he or she cosigned the loans.

 

[razorback2009]

Fiance? No.
Wife? Yes.

As a married couple, you legally share both all your assets and all your debts as far as I know.

It might also depend on who signed for the loan. If her name is not on it, she may not be liable. Might want to call your lender.

Get Insurance ASAP!

 

[DrMom]

We had a resident die in a car accident a few years ago. I was told that her federal loans were forgiven. I believe that the private loans were not. As someone already said, this is one of many reasons to have life and disability insurance policies.

 

[ski.bum]

.

 

[Tooth]

My fiance is worried about the amount of loans I would have to take out once im in dental school. She is worried that if something ...like a freak accident happens me to where i couldnt be a dentist anymore...and it prevents me from paying back the $200,000 to the bank....that she would be responsible for paying back the $200,000. is this true? would she be the one responsible to pay back my dental school loans?

It's natural for your fiance to be worried about such a large debt. However, if you let fear of debt rule your life you will likely never become a homeowner either. But your education is a much safer investment. If you are fortunate enough to get into a dental school, it is a no-brainer.

 

[Demeter]

I guess you could divorce her and shed half of your loans.

 

[Simiam]

In our financial aid meeting with the counselor upon graduation, she stressed that the ONLY time student loans were forgiven was in the event of death or permanent, total disability. So, if you lose your hands but you can work part time at the Chevron, your loans are still payable in full. That's why it's important to have disability insurance!

However, your spouse, unless she signed the promissory note, would not be liable for any federal loans. Private loans, as mentioned above, are a different matter and since I didn't take any of those out I don't know.

This is how I understand it as well. I believe in the MPN for the federal loan there is a paragraph that discusses this. The federal loan Only follows you, not our spouse.

 

[angelnyc89]

i guess you could divorce her and shed half of your loans.

+1

 

[burton117]

My understanding is if you both have student loans and consolidate both of them together, if either one of you dies then the surviving person is thus responsible for the whole amount.

Bottom line, don't consolidate student loans with your spouse.

 

[banana23]

This is how I understand it as well. I believe in the MPN for the federal loan there is a paragraph that discusses this. The federal loan Only follows you, not our spouse.

Congrats, ASDA offers dirt cheap life and disability insurance for dental students. It's not much but it will definitely cover your loans.