Yes, you can still get student loans if you are married, but your spouse’s income and student loan debt may affect the amount you are eligible to receive.
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Yes, you can still apply for student loans if you’re married, but your eligibility may be affected by your spouse’s income and student loan debt. According to the Federal Student Aid website, “If you’re married, both your and your spouse’s incomes or loan debts may be considered when deciding whether you qualify.” This means that if your spouse has a high income or a significant amount of student loan debt, it could impact the amount of aid you’re eligible for.
However, it’s important to note that your marital status alone does not disqualify you from receiving student loans. As long as you meet the eligibility criteria, including being enrolled in an eligible program at an eligible institution and not being in default on a federal student loan, you can still apply for loans.
Some interesting facts to note about student loans and marriage:
In the United States, the average student loan debt for borrowers who graduated in 2019 was $29,900.
According to a 2019 survey by Student Loan Hero, 30% of married couples said that student loans were a source of tension or stress in their relationship.
If you’re married and plan to file your taxes jointly, it’s important to note that your student loan payments could impact your tax bill. Depending on your income and other factors, you could be eligible for tax credits or deductions related to student loan interest.
Table:
Eligibility criteria for federal student loans
– Be enrolled at least half-time in an eligible program at an eligible institution
– Be a U.S. citizen or eligible noncitizen
– Have a valid Social Security number
– Maintain satisfactory academic progress
– Not be in default on a federal student loan
– Meet all other federal loan eligibility requirements
As financial expert Suze Orman once said, “Student loan debt is the most crushing debt anyone can ever face, and it can literally continue on for a lifetime.” If you’re married and considering taking out student loans, it’s important to weigh the potential impact on your financial future and consider all of your options carefully.
Answer in the video
The impact of student debt on marriage and homeownership is the focus of this video. Research suggests that many young adults with student loan debt delay purchasing a home, which can derail their financial plans. Moreover, tying the knot can result in an increase in monthly student loans repayment requirements if the household income rises, which underscores the need to pay off debt promptly in order to enjoy more financial flexibility.
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You can still take out federal student loans if you get married (although you’ll still need to submit your partner’s information on your FAFSA). Many scholarships also won’t be affected by your marital status.
What happens to student loans when you get married depends on when you took out the loans and where you live. But for all borrowers, getting married can impact what payment plans and tax deductions you’re eligible for, and it can even affect your ability to qualify for credit in the future.
Does marriage affect student loans?
1. Your income-driven plan may change If you’re on an income-driven repayment plan for your federal student loans, getting married could affect your payments.
I am confident you will be intrigued
Does being married affect student loans?
Response will be: Generally, whenever we use joint income to calculate your payment amount, we consider your spouse’s federal student loan debt and prorate your payment based on your share of the combined federal student loan debt.
Does being married affect financial aid?
Response will be: Yes, your spouse’s income will be taken into account when calculating your Expected Family Contribution (EFC) for the FAFSA form. This can affect your eligibility for certain types of aid and the amount of financial aid you are eligible to receive.
Do you qualify for student loan forgiveness if you are married?
Single borrowers with annual income below $125,000 are eligible, as are married couples who file a joint tax return with less than $250,000 of combined income. Income is defined as a borrower’s “adjusted gross income” in 2020 or 2021.
What is the income cap for student loans married?
The reply will be: $250,000 annually You qualify for forgiveness if meet two basic requirements. The first requirement is you have federal student loans. The second is you earn less than $125,000 annually for individuals or $250,000 annually for married borrowers.
Can a spouse owe a student loan if they get married?
Fortunately, the answer is no—at least, not when it comes to the legal responsibility for the debt in marriage. Debt that exists before a couple gets married, including student loans, is “individual property” and remains the sole responsibility of the partner who initially borrowed it. The other spouse cannot be compelled to repay this debt.
Do student loans and marriage go hand-in-hand?
Student loans and marriage don’t always go so merrily hand-in-hand — tying the knot will affect your loan payments, loan-related tax breaks and, potentially, your ability to pursue other financial goals. But marriage doesn’t mean saying "I do" to another set of student loans.
Can a student loan delay a marriage?
Student loan payments can add extra stress and costs that make it harder to save for your future together. In fact, one study found that 21% of student loan borrowers say they’ve delayed marriage due to student debt. Marriage also brings in legal concerns as spouses commingle assets and share financial responsibilities.
Are student loans considered marital property?
Answer to this: Student loans borrowed during the marriage, for example, might be considered marital property with shared responsibility if you’re in a community property state. If you have a complicated student debt situation or specific questions about how your state’s community property laws affect student debt, consider consulting a lawyer.
Can a spouse owe a student loan if they get married?
The reply will be: Fortunately, the answer is no—at least, not when it comes to the legal responsibility for the debt in marriage. Debt that exists before a couple gets married, including student loans, is “individual property” and remains the sole responsibility of the partner who initially borrowed it. The other spouse cannot be compelled to repay this debt.
Do student loans and marriage go hand-in-hand?
Student loans and marriage don’t always go so merrily hand-in-hand — tying the knot will affect your loan payments, loan-related tax breaks and, potentially, your ability to pursue other financial goals. But marriage doesn’t mean saying "I do" to another set of student loans.
Can a student loan delay a marriage?
As an answer to this: Student loan payments can add extra stress and costs that make it harder to save for your future together. In fact, one study found that 21% of student loan borrowers say they’ve delayed marriage due to student debt. Marriage also brings in legal concerns as spouses commingle assets and share financial responsibilities.
Are student loans considered marital property?
Answer: Student loans borrowed during the marriage, for example, might be considered marital property with shared responsibility if you’re in a community property state. If you have a complicated student debt situation or specific questions about how your state’s community property laws affect student debt, consider consulting a lawyer.
