First comes love, then comes marriage, then comes…reassessing you and your spouse’s student loan debt. It’s not the most romantic process, but it’s paramount, particularly when considering that the majority of college graduates carry student loan debt. 

                By                    Nicole Spector

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Marriage can impact student loan debt in a few ways, which is why it’s critical to establish answers to the following questions with your partner: 

  • What type(s) of loan did you take out?
  • What are the statuses and payment histories of the loans?
  • What are the loan balances?
  • What are the monthly payments?
  • What are your student loan repayment plans?

Know the answers to these questions before diving into the finer print — which is extensive.  

You Can Pay Back Your Loan in Different Ways 

You and your new spouse have several ways to pay back your federal loans. You can do the following: 

  • Make monthly payments based upon how much you owe and how long you’ll be paying off your loans
  • Make income-driven payments based on how much money you make collectively and your family size

How You File Taxes Can Change Your Payments

Spouses have a choice between filing their income taxes jointly or separately. When deciding which is right for you, consider that, if you have an income-driven repayment plan, the Federal government will: 

  • Use your joint income if you file jointly
  • Reduce your payments in light of your spouse’s student loan debt if you file jointly
  • Base payments on only your income if you file taxes separately — unless you are in the Revised Pay As You Earn plan, as discussed below

Your Monthly Payment May Increase 

The REPAYE plan determines monthly payment amounts based upon the spouses’ combined adjusted gross income and loan debt. It doesn’t matter whether you file taxes jointly or separately. This means your monthly amount owed could go up.

Your Spouse May Carry Your Debt — And You Theirs 

A debt that you bring into a marriage — as opposed to debt you incur while married — typically remains your responsibility alone. However, there are some circumstances under which you could be responsible for your spouse’s debt and vice versa, according to Student Loan Hero. This should only occur if one of you dies, and it should only happen if you borrowed from a private lender. 

Now, if you go back to school while married and your spouse co-signs your loans, they’ll be legally accountable for your debt if you don’t make the payments. Even without co-signing you and your spouse could be held responsible for one another’s student loans that are taken out while married. It depends on which state you live in. The following community property states mandate that you share the debt: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. In these states, not even divorce can render you immune to your partner’s debt if they acquired it while you were married. 

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Talk to a CPA or Financial Advisor

Marriage and debt are complicated on their own and doubly so when mixed together. To best get ahead of the situation, it’s ideal to talk to a financial advisor or CPA before you tie the knot. If you’re already married, make sure to talk with a professional before you file your taxes. It’s important to weigh the pros and cons of filing jointly versus filing separately based on your unique situation.

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