Home Financial Crisis How Student Loans Can Affect Marriage

How Student Loans Can Affect Marriage


It is estimated that 60 percent of people who graduate from college have student loan debt. The average person owes $28,500 in debt. If you plan on getting married, then student loan debt can make things trickier for you.

There are several things that you will need to know before you get married. A survey taken by the Consumer Reports said that 28 percent of people who are under the age of 40 delayed getting a house because of their student loan debt. If you get married, then you may have to make a higher student loan payment.

For example, you are on an income-based repayment plan. If your household income increases, then your student loan payments may increase. However, this is contingent on other factors. If your spouse has debt or whether you file your taxes jointly will determine how student loans affect your marriage.

Your student loan payments should stay the same if you file separately. Even though there are benefits that can be reaped from filing your taxes jointly, you may not be able to get an Earned Income Tax Credit if you file separately. You may may also not be able to get a tax deduction for your student loans.

It is best for you to pay off your student loans as quickly as you can. You will not only get out of debt faster, but you will also pay a lot less interest. Additionally, you will have more money to put towards the things that you want to do such as buying a house, getting married and starting a family.

It is important to note that you may not have to pay off your spouse’s student loan debt if you get married. The only way that you will be responsible for paying your spouse’s debt is if you co-signed it.