In general, your spouse’s debt won’t affect your credit unless you co-signed a loan with them. If you co-sign a student loan and your spouse falls behind on the payments, your credit score will be impacted.
Will my student loan debt affect my spouse?
No. Student debt that you bring into a marriage remains your debt. … Your spouse might help pay down your debt, but you’re the only one legally responsible. This scenario also applies if you marry someone who has federal PLUS loans, which are available to parents and graduate and professional students.
Can I put my wife’s student loans in my name?
“Student loans cannot be put in someone else’s name other than by refinancing them into a new loan,” student loan expert Mark Kantrowitz explained over email. Previously, married borrowers could consolidate federal loans, but Congress repealed this ability in 2006 due to issues that arose when couples divorced.
What happens if my wife defaults on her student loans?
If your spouse dies or is otherwise unable to pay back their loans, the lender will look to you to pay them back. … In this case, there may be a good chance you’ll need a cosigner for the student loan. If it’s your spouse, they’re also equally liable to pay it back if you’re unable to.
Can the IRS take my husband’s tax refund for my student loans?
If you’re married and you file taxes jointly, the IRS may take your entire tax refund regardless of whether your spouse has any student loan debt of their own. However, it may be possible to get your spouse’s portion of the refund returned to them if you file an injured spouse claim form (IRS form 8379).
Should I pay off my wife’s student loans?
If your partner can help you pay more each month this could help reduce the principal balance of the loan. This in turn can help reduce both the amount of time it takes to repay the loan, and also the amount of interest that accrues over the life of the loan.
Can they garnish my husbands wages for my student loans?
The answer is yes. Your student loan creditors can garnish your spouse’s wages to recover the amount of your defaulted student loan.
Do student loans discharged at death?
If you have federal student loans and pass away, your family can apply for loan discharge due to death and have the remaining balance forgiven. Federal loan discharge for borrowers applies if you have any of the following federal student loans: Direct subsidized loans. Direct unsubsidized loans.
What happens if you never pay your student loans?
Failing to pay your student loan within 90 days classifies the debt as delinquent, which means your credit rating will take a hit. After 270 days, the student loan is in default and may then be transferred to a collection agency to recover.
Are federal student loans forgiven at death?
Federal student loans will be discharged due to the death of the borrower or of the student on whose behalf a PLUS loan was taken out.
Does fafsa know if your married?
The Free Application for Federal Student Aid (FAFSA®) form asks for marital status “as of today” (the day the form is filled out). Separately, it asks for income and tax return information from 2018. Your marital status might be different than it was when you filed your tax return.