What Happens to Student Loans When You Get Married?
Marriage could mean a higher student loan payment, depending on your repayment plan.
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Tying the knot can affect your monthly student loan payments, loan-related tax breaks and even your ability to pursue other financial goals.
But marriage doesn't mean saying "I do" to another set of student loans. Each of you remains responsible for loans you took out before you walked down the aisle.
Whether you're recently married or will be soon, here's how your student loan debt might be impacted after the wedding.
Your monthly payment could increase
If you are a federal student loan borrower, file taxes jointly, and are enrolled in an income-driven repayment (IDR) plan, you could receive a higher monthly payment.
Each IDR plan allows married borrowers to file taxes separately, excluding their partner's income and federal student loan debt when the Federal Student Aid office calculates individual monthly IDR payments.
This can lower your payment but cause you to miss out on tax benefits joint filers receive.
However, if you file jointly, the increased income could cause your monthly payment to rise — particularly if your spouse does not have student loans.
You might not qualify for the student loan interest deduction
Any individual who earns less than $90,000 in modified adjusted gross income over the past year can get a student loan interest deduction. For the 2023 tax year, those earning less than $75,000 can deduct up to $2,500 for student loan interest, while those earning between $75,000 and $90,000 can deduct a reduced amount.
Once you get married, the rules change. If you and your spouse together earn more than $185,000, you’ll lose the deduction. There's no way to beat the system, either — you can’t claim it at all if you file separately.
Your spouse’s payments could affect your finances
If you co-sign a private graduate school loan or refinancing loan, you’re legally responsible for repaying it if he or she can’t. The loan will also appear on both of your credit reports, where it could impact your ability to take on new credit or debt, such as a mortgage.
If your spouse takes out a student loan during your marriage, but can't make payments and defaults on the student loan, creditors in some states can go after both of your wages and assets — or, if you file jointly, your tax refund. The federal government will also go after your tax refund for loans taken out after marriage that default.
You may agree to chip in on each other's payments
If you and your partner decide to help each other repay your loans, consider creating a written agreement outlining the terms. It’s not an official document unless you have it drawn up by a lawyer, but it could help you avoid arguments in the future, especially in case of a divorce if one spouse depends on the other for financial help.
» EXPLORE: Tools and tips to pay off debt
You may be responsible for debt after divorce
Student 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.
To avoid post-divorce legal squabbles over student debt, couples can create a prenuptial or postnuptial agreement.
