Student Loans and Spouse Liability
Student loans and spouse liability are something you may be wondering about whether you're still a couple or if you are separated. Usually, these loans are attached to the person that applied for them originally. It is not the kind of thing that can follow both people around no matter what happens. Of course, when you share incomes, you both have to sacrifice to make those monthly payments. This means that it sort of becomes both of your bill because you are married and share everything. Those couples that keep separate accounts may also separate bills according to what credit cards and other expenses they rack up.
Of course, a subject you'll need to discuss is whether or not the student uses their degree to provide for the household. If they are supporting the family with this additional education benefit, then does it become something that both husband and wife should be responsible to pay back? The decision that is most fair is the graduate using their newfound knowledge to increase the family income and both working spouses pay back the loan bit by bit. However, the legal side of things does not enforce this and when it comes down to it, they are the only required to make the student loan payments.
Potential Separation of Married Couples
One different situation might be when you're separated and using the benefit of your graduation to support you and your children by yourself. If this is the case, then there is no legal recourse for the student loan companies to go after your soon-to-be ex. They are not legally connected to this billing amount even if they benefited from it for several years. This will be a topic that you bring up with your lawyers as you are discussing expenses and what you can for spousal support in the meantime.
If you're worried about these variations of circumstances, you can talk to either your lawyer, your financial representative or a professional online expert. All of these are great resources for you and will be able to give you some general information, if not specific details to your situation alone. By consulting with these professionals, you'll be better equipped to understand how receiving the benefits of someone's education compares to be financially responsible for the loan amount. This may not sound like it should be a question or problem considering the amount of education you get when you file for a student loan, but things change often.
Using Credit Cards for Payments
You can also talk to your spouse about this issue by considering the use of credit cards. There may be a way when you can set these payments up to come off your credit card but yet you can maintain a consistent payment plan with them specifically. Sometimes the credit card companies can set up different things according to each client, especially when so many consumers find themselves in difficult circumstances. It is much better if they get their money at some rate in some form than not at all, and they recognize the need to be flexible in their options.
Look at all your options when you are talking about student loans and spouse liability and make sure you look through all the paperwork you originally received. This will give you immediate access to the data that's necessary to make the right decision. It also lets you know the actual details that apply to your account specifically because of the figures and numbers that are given to you to sign for.
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State Guides to Credit Card Laws
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