Consolidating student loans through the department of education

In certain situations, your spouse could be responsible for your student loan debt.While all federal loans and some private loans offer a death discharge if the borrower dies, some private loan lenders might not. If you go back to school and your spouse co-signs your loan, he or she will be legally responsible for your debt if you fail to make payments.According to a survey on marriage and debt by the National Foundation for Credit Counseling, 37 percent of respondents said they wouldn’t marry someone until their debt was paid off.But 46 percent said they’d marry someone in debt and work to pay it off together, and 10 percent said they’d marry someone in debt but wouldn’t help pay their debt.However, it’s important to look at the big picture to see if it makes financial sense.According to the Federal Student Aid website, “Under the ICR plan, your payment is always based on your income and family size but will usually be higher than payments under the IBR and Pay As You Earn plans and in some cases could be higher than the amount you would pay under the 10-year Standard Repayment Plan.” If you’re concerned about the financial implications of student loans and marriage — and it’s wise to be — consult a tax specialist or financial expert to decide what’s best for your situation.Before you enter into a legal union, you’ll want to know how student loans will affect your financial union as well.

If one person has student loan debt and the other doesn’t, it might cause friction in your relationship.

Student Loan Hero is not a lender or investment advisor.

We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions.

No matter which camp you’re in, there are several things you should know about student loans and marriage before you tie the knot.

Hopefully, by the time you’ve started to talk about building a life together, you know how much student loan debt each of you has.

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Couples need to be transparent about how much debt they have and come up with a plan together to pay it off.

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