Do you inherit your spouse’s student loan debt?

If your spouse took out the loans before you got married, you usually are not on the hook for the debt unless you co-signed the loan. If you co-signed your spouse’s loan, you share responsibility for the debt even after your divorce is finalized.

When you get married do you inherit your spouse’s student loans?

No. Student debt that you bring into a marriage remains your debt. Let’s say you have $30,000 in federal student loans and $40,000 in private student loans when you get married. Your spouse might help pay down your debt, but you’re the only one legally responsible.

Is my spouse liable for my student loan debt if I die?

If you have federal student loans, they’ll generally be discharged if you die. The federal government won’t come after your estate. If you die with private student loans, however, and your spouse isn’t responsible for them, then the lender may or may not come after your estate.

Is spouse responsible for student loan debt incurred before marriage?

A spouse is typically not responsible for student loan debt incurred before marriage. And that’s usually true even if they live in community property states. … Both federal student loan debt and private student loan debt usually remain the borrower’s sole responsibility if the student loans were incurred before marriage.

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Can the IRS take my refund for my wife’s student loans?

If you’re married and you file taxes jointly, the IRS may take your entire tax refund regardless of whether your spouse has any student loan debt of their own. However, it may be possible to get your spouse’s portion of the refund returned to them if you file an injured spouse claim form (IRS form 8379).

Can they garnish my husbands wages for my student loans?

The answer is yes. Your student loan creditors can garnish your spouse’s wages to recover the amount of your defaulted student loan.

What happens if you never pay your student loans?

Failing to pay your student loan within 90 days classifies the debt as delinquent, which means your credit rating will take a hit. After 270 days, the student loan is in default and may then be transferred to a collection agency to recover.

Do student loans drop off after 20 years?

The Pay As You Earn Repayment Plan qualifies you for loan forgiveness after 20 years of on-time payments. This repayment plan will generally offer you the lowest monthly payment. … Forgiveness based on 20 or 25 years of on-time payments is only available to Federal Student loans. Private student loans do not qualify.

Should I marry someone with a lot of student debt?

Financial Challenges Can Harm a Marriage

A 2018 Fidelity Investments Couples and Money study found that 40% of people bringing debt into a relationship report it having a negative impact. It’s not hard to see why marrying someone with student loan debt puts you at higher risk for marital difficulties.

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