Are You Responsible For Spouses Student Loans

Not every lender allows you to refinance your student loans jointly. An exception to this is if you cosigned on your future spouses student loans or if you refinance the student debt with your spouse after youre married.

Are You Responsible For Your Spouse S Student Loan Debt Student Loan Planner

are you responsible for spouses student loans

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If there isnt enough to cover the debt the spouse should not be held responsible for the.

Are you responsible for spouses student loans. While you wont be held legally liable for your spouses prior student loan debt in most cases you may still decide to take on some responsibility for your spouses debt repayment. The student loan should be paid out of the estate of the deceased before it is distributed to the spouse. Your spouse also might be responsible for your student loans if they are in default and you have no wages to garnish.

We create a custom student loan plan made just for you that details the path to debt freedom. If you want to refinance or consolidate your student loans and those of your spouses into one convenient payment you might be disappointed by your options. If youre wondering is my spouse responsible for my debt the answer really depends on your particular situation and what state you live in.

If a spouses debt is in your name as well you become responsible for the repayment of that debt. Unfortunately private loan companies are generally less forgiving of extenuating circumstances because their loans are not guaranteed by the federal government like federal student loans are. In most cases your spouse likely isnt legally responsible for your debt but things can change depending on the type of loans you have whether your student loan debt was acquired before or during the marriage and if you live in a community.

For example if the husband took out federal student loans to pay for school his wife isnt responsible for the debt even if they are married. So if the spouse with student loans dies the surviving spouse doesnt have to pay them back. Usually these outline all scenarios that might occur such as who becomes responsible for the debt if the debtor dies.

If you have private student loans read the agreement carefully. If you owe 50000 to 1 million in student loans we can help you in one of two ways. I co signed on my husbands private student loan.

However for debts that your name is not on your spouses estate is responsible. First one spouse isnt liable for the other spouses loans taken out during college. If he dies that debt is my responsibility.

The obligation has to be repaid from the assets that your spouse had.

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