- Does my spouse income affect my student loan repayment?
- Can student loan debt take my house?
- Do you inherit your spouse’s debt when they die?
- Can I pay a loan off for someone else?
- Can they take my husband’s tax return for my student loans?
- What happens to my student loans if I get married?
- Is spouse responsible for student loans incurred before marriage?
- What credit score is needed for a student loan?
- Should I pay off my husband’s student loans?
- Who is responsible for student loans if you die?
- Can I take over my wife’s student loans?
Does my spouse income affect my student loan repayment?
Your spouse’s income is included in calculating monthly payments even if you file separate tax returns.
However, a borrower may request that only his/her income be included if the borrower certifies that s/he is separated from his/her spouse or is unable to reasonably access the spouse’s income information..
Can student loan debt take my house?
Unsecured Loans If a defaulted student loan is unsecured, like all federal student loans and most private student loans, the lender must sue the borrower and get a court judgment against the borrower before they can seize the borrower’s property. … They can also seize the borrower’s brokerage accounts.
Do you inherit your spouse’s debt when they die?
In most cases you will not be responsible to pay off your deceased spouse’s debts. As a general rule, no one else is obligated to pay the debt of a person who has died. There are some exceptions and the exceptions vary by state. … If there was a co-signer on a loan, the co-signer owes the debt.
Can I pay a loan off for someone else?
Is it legal to take a loan out for someone else? The most general answer is yes, so long as you take the loan out (e.g., from a bank); and, in so doing, you qualify for the loan by using your own personal information.
Can they take my husband’s tax return for my 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).
What happens to my student loans if I get married?
Debt you bring into a marriage typically remains your own, but loans taken out while married can be subject to state property rules in divorce. And if one spouse co-signs the other’s private student loan, he or she is legally bound to the loan unless you can obtain a co-signer release from the lender.
Is spouse responsible for student loans 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.
What credit score is needed for a student loan?
Most private lenders require you to have a credit score of at least 670 or higher on a 300-850 scale used by FICO, the most widely known credit score. If you don’t have a credit history, you’ll need a co-signer with a good credit score and a steady income in order to qualify for the loan.
Should I pay off my husband’s student loans?
There are plenty of good reasons to not help your partner pay off their student loans — i.e., you have other debts to pay off yourself or they’re not good with money. … They might also be able to refinance their private and federal student loans to get a lower interest rate, reduce their monthly payment or both.
Who is responsible for student loans if you die?
Federal student loans are not passed on to anyone in your family or even your estate. If you die, your federal student debt is instead fully forgiven and is no longer owned or owed by anyone. Someone will need to provide proof of death to the student loan servicer managing the debt to get it discharged after death.
Can I take over my wife’s student loans?
The Department of Education won’t let you transfer federal student loans to another person, but that doesn’t mean it’s impossible.