August 18, 2021

Can My Spouse and I Consolidate Student Loans?


Student loan consolidation with a spouse is only available with the Pentagon Federal Credit Union. Since PenFed is a private institution, you will be refinancing your student loans instead of consolidating them.

Student loan refinancing entails getting a new loan policy to pay off existing loans. With this option from PenFed, you and your spouse can combine all of your loans for a single monthly payment. Here’s a closer look at spousal student loan consolidation and your other options with refinancing.

Refinancing My Student Loans With My Spouse’s Student Loans

Refinancing your student loans with a private lender means you will apply for a new private loan to pay off your existing student loans. You can combine federal student loans and private student loans into one new private student loan through refinancing.

The federal government used to offer Joint Consolidation Loans for married couples. This program is no longer available, making PenFed your only option for the spousal consolidation of federal student loans.

Note that combining federal and private student loans will disqualify you from federal student loan forgiveness programs and repayment options. Consider the federal benefits you and your spouse have before proceeding with a spousal student loan consolidation.

This type of consolidation may be a good idea if you or your spouse is ineligible for refinancing alone. If you or your spouse earns significantly more than the other and have a higher credit score, the credit union will consider the most qualified individual for the new loan. This essentially helps the other member access a better rate.

However, you must consider that you cannot remove your spouse from your new loan terms after refinancing. This rule may complicate the situation for couples going through a divorce or separation. You will share the responsibility of repayment, even if the other member contributed more to the principal balance.

Refinancing My Student Loans With My Spouse as a Cosigner

You have more private lender options if you decide to refinance your student loans with your spouse as a cosigner. With this option, you will share your new loan’s responsibility with your spouse. Note that this new loan will only combine the applicant’s multiple loans.

Your spouse’s student loans will remain separate; however, they can refinance their student loans as well. In this case, you will still have more than one policy to keep track of, but they are still significantly less than the multiple loans you had before refinancing.

With other options besides PenFed, you have more opportunities to find a lender that offers the best rates that work for you and your spouse. Be sure to consider all your options before settling with one lender.

So, Can My Spouse and I Consolidate Student Loans?

Yes, you can consolidate your spouse’s student loans with yours through PenFed’s spousal student loan consolidation program. This program involves refinancing your student loans with your spouse’s into one new policy to make a convenient, single monthly payment.

Alternatively, you can refinance your student loans with another private lender and get your spouse as a cosigner. In this case, you have more private lenders to choose from and more options to shop for a better rate.

While combining your student loans with your spouse’s student loans may help streamline your monthly payments, you may have access to better rates at another private lender. Be sure to identify your goals and assess your options before proceeding with spousal student loan consolidation or refinancing.

Use Chipper for Lower Payments

Chipper can help you find a student loan repayment plan that actually fits into your budget. You simply fill out your information and link your student loan account for us to generate your options in seconds. We help the average student loan borrower save over $300 a month off their student loan monthly payment. Lowering your monthly payment plan can game changing for your personal finance and can be done in minutes! Sign up for Chipper today to get on track with your student loans.

Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.

Don't worry.
Be Chipper.
Get Started