Consolidating student loans with spouse
This means losing any benefits provided by the Direct Loan program, but the best case scenario offers a lower interest rate and significant savings during repayment.There are advantages to consolidating student loans with your spouse.
Many couples handle their student debt differently; for example, each spouse could handle their debt separately with their own income.Married couples with student loans must make a difficult decision when they file their tax returns.They can choose to file jointly, which often leads to a lower tax bill.Whoever has their name attached to the loan is the one who will suffer if any payments are missed. “Let’s say you agree to some arrangement and it’s part of your divorce decree,” Accredited Investment Fiduciary Charles C. “That’s great, but the lender doesn’t have to abide by it.You signed the loan contract so you are the one they expect the payment from – and the one they will go after if payments are late or missed altogether.
It will be your credit that is impacted by this.” There are a few general debt rules that apply to most people regardless of where they live.