Oh, No — I’m MARRIED to Student Loan Debt

What to Know When Your "I do" Includes "I Do Intend to Pay."

If your spouse has student loan debt, what does that mean for you and for your financial future?

What can you do now that will keep you safe throughout the decades ahead, even if something bad happens?

Immediately address the biggest thing you must worry about when your spouse has student loan debt.

spouse has student loan debt

Think, for just a minute, of the unthinkable. What if your spouse dies, leaving you with a mountain of student loan debt that you have to pay off? Are you doomed? Or is there something you can do now to get out of paying thousands back all by yourself later?

To understand what your risks are and what you can do now to protect yourself and your family, be sure you’ve read the article I’ve written entitled “What Happens to Student Loan Debt When You Die?

Take all the safe, legal steps you can to free yourself from your spouse’s student loan debt now.

You don’t have to get a divorce in order to accomplish this. Just do the following six things as soon as you can:

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What Happens to Student Loan Debt After You Die?

No parent wants to consider this — but what happens if one of your children runs up $80,000 in student loan debt, and then perishes in a car accident or dies of cancer? Will your grief be compounded by having to make years (decades!) of student loan payments, until the student loan obligation is paid in full? Every parent needs to be clear on the answer to this question: “What happens to student loan debt after you die?”

The answer is scary, but — there’s great hope for those who can plan ahead just a bit.

What happens to student loan debt after you die?

First, the good news, then the bad news.

1. If the loans are Federal Direct Student Loans (the ones you get only by filling out the FAFSA form), the debt goes away when the borrower dies.

According to U.S. Department of Education policy, if a borrower of a federal student loan dies, the loan is automatically canceled and the debt is discharged by the government. (This is one of many reasons why I urge parents, please — fill out the FAFSA form, even if you’re rich. It’s the only way to get the best, safest student loans in the event that you end up needing them.)

Unfortunately, private student loans do not offer the same protection against liability.

2. If the loans are private student loans, the news is scary.

Very few private student loan lenders offer what are called “death discharge protections” or “death and disability forgiveness policies.” If the borrower dies, someone left behind has to pay up.

Who will that be?

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4 Amazingly Easy Steps To Get Out Of Debt

If you as a parent are out of debt by the day your kid starts college, you’ll have more cash on hand to help with college bills. If you start the process of getting out of debt years before your kid starts college, you’ll have more cash on hand to save for college.

Either way, you’ll dramatically increase the chances that your child will graduate from college and begin adult life debt-free.

Today I’m featuring four amazingly easy steps to get out of debt, from best-selling author Dave Ramsey. These steps to get out of debt are so easy, you can fit them on a post-it note.

get out of debt

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Drowning in Student Loan Debt? Here are 5 Legitimate Ways Out

Part 3 of a 3-Part Series

This article is part 3 of a 3-part series on what students can do if they’ve left college with student loan debt. You can find the first two (very important) articles in this series here and here.

Every year, frightening numbers of students finish college with $30,000 – $90,000 in student loan debt – and then find themselves completely unable to find employment that pays enough to cover their student loan payments.

Many of these 20somethings work as nannies, restaurant servers, and cashiers, jobs that barely pay enough to cover rent and groceries.

What can be done about this? Simply not paying on student loan debt is not an option. (You can read about the scary consequences of student loan debt default here.)

If you’re a former college student and you find yourself in this position, here are 5 strategies that will help.

student loan debt

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