Private Student Loan Borrowers Have Chances to Lower Payments, Too

Student loans have been splashed across the news over the last couple of years, but—if you’re one of the millions of Americans who hold private loans rather than federal ones—you’re probably doing your best to ignore it. While the Biden Administration has worked throughout his two years in office to reform the federal student loan system, it has yet to provide any such major assistance to borrowers with private loans. That doesn’t mean, however, that there aren’t options available that could both simplify and lower their monthly payments. 

Refinancing for Married Couples with Student Loans

Being married can have a number of financial advantages—not least of which are the tax benefits of filing a single, joint return—but did you know that married couples can consolidate their private student loans together? By merging your loan, your lender will look at your financial situation as a couple, potentially offering you more advantageous terms such as a lower monthly payment or interest rate. There is some risk involved, however, as you can’t separate the loans back out again after they’re consolidated, which could make for a complex divorce, if—God forbid—it should ever come to that. Another, less permanent, solution is to use your spouse as a co-signer on a refinancing application, which could also help you qualify for better terms, albeit without the added benefit of reducing the number of bills you pay each month. 

Student loans, like marriage, are both complex and specific. It’s important to consider all of your options before making a decision and make sure that both you and your spouse are on the same page. If you’re wondering if consolidating or refinancing is right for you, consult your student loan professional, so you can stop thinking about student loans and get back to loving married life!