IBR, PAYE and SAVE for Married Couples who Both Have Student Loans
Getting married doesn’t mean payments will double for couples who both have student loans, but payments may still go up.
Getting married doesn’t mean payments will double for couples who both have student loans, but payments may still go up.
Borrowers with FFELP Joint Consolidation Spousal loans will soon be able to qualify for PSLF and IDR Plans like REPAYE.
REPAYE is the best repayment plan for some married couples. For others, it is an expensive option.
Student loans impact a couple’s budget, retirement planning, taxes, and more. Many couples also face a marriage penalty.
Refinancing is often a risky decision. However, many couples may find that refinancing makes more sense after getting married.
As President Biden explores ways to ease the burden of student debt on borrowers, ending the marriage penalty should be a priority.
Cosigning loans with your spouse may seem harmless, but doing so can be a huge financial mistake with lasting consequences.
Getting married impacts student loan payments on several different federal repayment plans. Couples have several options to get payments lowered back to normal.
Married couples on IDR plans need to carefully consider the pros and cons of filing taxes separately. It could mean a huge savings on your monthly student loan bill.