What happens when you marry someone with extensive student loan debt?

Does that become your responsibility as well? I am assuming so, but I have heard conflicting stories on student loan debt, so if anyone could clear up my confusion...

What happens when you marry someone with extensive student loan debt?
Loans that you did not cosign on are not legally your responsibility to repay. However, him having this debt and paying (or not) would definitely impact your life and lifestyle when it comes to credit and things like buying a family car or a house. Most banks look at JOINT income and debt for big loans and it would be very difficult for you to qualify for a home loan if you had to do the loan in your name ONLY because his loan was defaulted or his "debt to income" ratio is too high.





The most important thing you need to know is that the government does not see his student loan debt as only his when his Student Loans are in default. And even though YOUR wages would never get garnished as his would .... they WOULD seize your JOINT income tax return to help repay the bad debt.... for years and years, untill all his student loans plus penalites are paid off.
Reply:The debt is the responsibility of the person whose name is on the paperwork.


However, if you are in a joint property state, if the now-married-borrower dies then the joint estate is responsible for the debt.


And, in any case, marrying someone with debt means the whole household absorbs the burden of paying it since the money for the loan payments have to come from somewhere and so isn't available to spend on other things.
Reply:just because you marry someone with debt it does not make you responsible for it,only the borrower and the co borrower are responsible for the payment of debt.


it doesn't matter if your spouse runs off to another country never to be heard from again,you are not responsible for any loans you did not sign for.


A spouses debt does effect you in an indirect way though,you will have to be the primary signer on any future loans cuz their credit will be so bad,and most of their income will go to paying off their debt so your quality of living will be decreased
Reply:I've spoken with my lender (Wells Fargo) about this and student loan debt is only the responsibility of the person who took it out (and their cosigner if they have one). It is not something that becomes shared once you are married. Student loan debt is different from other debt (car loans, mortgages, personal loans). It cannot be erased in a bankruptcy.
Reply:it depends on the lending company. my student loans are set up to where if anything happens to me, no one is responsible for the balance owed. if it's a personal loan from a bank, then it maybe different depending on the stipulations. it's something you should talk about with your partner. regardless of what happens, you can expect that SOMEONE will be shelling out the cash to pay for it, so budgeting in your marriage will be a factor.
Reply:as long as you apply for everything seprately. the minute you apply for things together, and your names get linked up by the credit reporting agencies, then it will affect your credit. make sure everything you apply for is in your name alone, such as loans, phone accounts, cable, utilities, car, etc.
Reply:I'm not sure, but I think the only person that has to worry is the person with the debt and anyone who cosigns with him or her. You'd have to worry about it if YOU co-signed with that person for, say, a house, and they don't put up their end of the payments.
Reply:As far as I understand, the debt becomes your responsibility as well.





But a good show to watch about credit and debt is Suze Orman. Check and see when she comes on because she is good and even takes callers questions.
Reply:i think you are right about that. you are married now so what's his should be yours.
Reply:You will fight about money, unless he has a very high income.
Reply:you will divorce in a few months

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