Combining Student Loans with a Spouse

If you and your spouse have student loans from your college years, then you may be able to actually combine them so that you will be paying on one larger loan. A lot of couples choose to do this, so that they can get a lower monthly interest rate overall. In some cases, this is exactly what will happen if spouses combine their loans. However, this is not always a guarantee, and combining loans could not be in your best interest. If one of you has defaulted on your loans, then this could spell trouble for the both of you.

Still, though, combining loans with your spouse may be the right financial choice for you to make. In many cases, you can get a lower monthly payment, and this could end up saving you and your spouse a lot of money overall. Before you do decide to combine your loans together, make sure that you take into account all of your personal and financial circumstances. You'll want to make the choice that is right for your family, and you can't really do that unless you approach the decision carefully.

Important Considerations before Combining Loans

If you are considering combining loans with your spouse, then you need to take a few things into consideration. First off, you need to know that you will be jointly responsible for repaying the entire balance of the larger loan. If one spouse dies, then the other is going to be responsible for paying off the entire amount of the loan. This can be a difficult thing for one spouse to do on his or her own, so you really need to think about this and make some provisions for this future scenario.

You also need to consider the possibility of divorce before you decide to combine your loan with your spouse. Divorce can be a tricky thing financially, and it's already complex enough for most couples. If you add a combined student loan into the mix, then this might make things even more complicated than they already are going to be. It's not really pleasant to think about, but it's something that is necessary if you want to take this financial step. Just make sure that you are aware of the consequences before you sign any documents and make any decisions.

You need to make sure that both you and your spouse are in good standing with your loans before you choose to combine them. If you haven't paid your bills in a while because of a poor financial situation, then you're not going to be able to get as good a deal as you might think when you combine. In some cases, you might not even be eligible to combine the loans. Before you attempt to do anything, look and see what your repayment history is like as well as your spouse's history. If they are both good, then you should have no problem.

Talking with Your Spouse

If you are interested in combining student loans with a spouse, then you need to sit down and have a conversation before you make any decisions. It's an important financial step to take, so you will need to make sure that you are well prepared before you sign any documents. Take some time out of your schedule to sit down and have a serious conversation. If you don't take the time to do this, then you might not be able to come to an agreement about what you want to do when you combine your loans.