Consolidating student loans after marriage
Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans.
Lay it all out on the table upfront: Money can be a difficult topic for some people, but couples considering marriage must be honest with each other about finances.Combining families, homes, cars, and even bank accounts is expected and embraced by most couples entering marriage.But there's one thing that many newlyweds forget they'll be sharing when they say, "I do"--their spouse's student loan debt.Make time to have respectful conversations about money and whatever debt you may have.Even if the student loan debt isn't yours, it will affect how you and your partner spend time together and plan for the future. Make a plan: Sit down with your partner and get organized around what debt needs to be paid off, in what order, and then create a budget and timeline for allocating income accordingly.Compare your current loans with a refinance loan and determine what’s best for you.
After all, each loan could have varying benefits, especially if your current loans are federal.
Ten percent of that group said they'd go ahead with getting married but would not help pay off the debt, while 44 percent said they would either delay marriage until their partner's debt was paid in full or end the relationship altogether.
Given that student loan debt is continuing to grow at an unprecedented rate in the United States, marriages may be at risk.
In many cases, especially marriages where only one spouse has student loan debt, this can create tension.
Student Loan Debt Weighs on Couples Studies show that student loans are growing as a source of conflict for married couples and those who are thinking about getting hitched.
If you’re like most people, student loans are a hindrance.