October 29, 2021

Can Spouses Consolidate Student Loans?


“Can spouses consolidate student loans?” is a common question among newlywed couples like you. Marriage may be based on an emotional connection, but in practical terms, it affects your financial situation too.

Now that you are starting a new life together, it’s understandable if you and your husband or wife are wondering if you can jointly refinance your debts to improve your finances. Read on to find out if you and your spouse can consolidate your student loans as a married couple.

Can Spouses Consolidate Student Loans?

The answer to this question is: Yes. Student loan refinancing is a viable option for couples like you, based on a Forbes article. In case you and your spouse both have student debts, you can refinance your student loans and consolidate them together.

Nevertheless, you need to be aware that not many creditors offer to refinance for married couples. On the bright side, many private refinancing lenders allow a husband or wife to co-sign the loan applications of their spouse.

These are the things that you should expect once you refinance your loans with your husband or wife:

Financial Advantage

Consolidation via financing enables you both to leverage the financial advantage of the partner with the higher income or credit score. It allows you to minimize your interest rate, reduce your monthly installments, and streamline your overall payments.

Shared Financial Responsibility

Take note that you and your partner will be sharing the responsibility for the loan payments once you become official co-signers under the new arrangement. In case one of you is not able to make the payments on time, the other person has to pay the lender.

Changes in Terms and Conditions

If you and your spouse have federal student loans, keep in mind that your new private student loan may have different terms than your government loans. Make sure to review and compare the conditions of both types of loans before you make a financial decision as a married couple.

On one hand, the private loan may have a lower interest rate compared to your federal loan. On the other hand, you may potentially lose the privileges that come with your federal student loan if you consolidate your loans with a private lender, according to the Federal Student Aid office.

Should Spouses Consolidate Student Loans?

Refinancing student loans as a married couple has both its advantages and disadvantages. The suitability of consolidation for you and your spouse depends on your individual and joint financial situation and personal preferences.

Be sure to carefully weigh the pros and cons of refinancing with your partner before you consolidate your federal student loans with a private refinancing lender. This arrangement will affect both of you so you need to make a mutual decision.

Marriage may initially be a matter of the heart, but to be realistic, it is a matter of the wallet too. Make smart financial choices to properly establish your finances as a newlywed couple.

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