- Do I have to pay my spouse’s student loans?
- Can the IRS take my refund for my wife’s student loans?
- Does my husband’s debt become mine?
- Can 529 money be used to pay off student loans?
- What happens if you marry someone with debt?
- How is income based student loan repayment calculated?
- Will you be responsible for your spouse’s student loans after a divorce?
- Can my wages be garnished for my wife’s student loans?
- Does marriage affect student loan repayment?
- What happens if you marry someone with student loan debt?
- Does your spouse’s debt become yours?
- Can student loans take your lottery winnings?
Do I have to pay my spouse’s student loans?
Marrying someone with student loan debt won’t make you liable for their loans.
Student debt that you bring into a marriage remains your debt.
Your spouse might help pay down your debt, but you’re the only one legally responsible..
Can the IRS take my refund for my wife’s student loans?
If you’re married and you file taxes jointly, the IRS may take your entire tax refund regardless of whether your spouse has any student loan debt of their own. However, it may be possible to get your spouse’s portion of the refund returned to them if you file an injured spouse claim form (IRS form 8379).
Does my husband’s debt become mine?
Debts you and your spouse incurred before marriage remain your own individual obligations—but you’ll share responsibility for debts you take on together after the wedding.
Can 529 money be used to pay off student loans?
A new law allows borrowers to use 529 college savings plans to pay off student loan debt. … Families contribute money after taxes to these accounts, which grows on a tax-deferred basis and can be withdrawn tax-free if it’s used to pay for qualified education expenses.
What happens if you marry someone with debt?
In community property states, you are not responsible for most of your spouse’s debt incurred before marriage. However, the IRS says debt taken on by either spouse after the wedding is automatically a shared debt. … Creditors can go after a couple’s joint assets to pay an individual’s debt.
How is income based student loan repayment calculated?
Generally, your monthly payments under Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE) are calculated as 10% or 15% of your “discretionary income”, which is your income minus 150% of the poverty level for your family size and state.
Will you be responsible for your spouse’s student loans after a divorce?
If your spouse co-signed a private student loan for you during your marriage, then he or she is legally responsible for the debt as well, even after divorce.
Can my wages be garnished for my wife’s student loans?
The answer is yes. Your student loan creditors can garnish your spouse’s wages to recover the amount of your defaulted student loan. You don’t mention whether the loan was incurred before or after marriage. … Either way, the creditors can collect, but for different reasons.
Does marriage affect student loan repayment?
Depending on how you file your taxes, marriage may affect your student loan repayment strategy, particularly if at least one spouse has federal student loans that are being repaid on an income-driven repayment plan. When you get married, you have the option to file federal income taxes jointly or separately.
What happens if you marry someone with student loan debt?
1: What Happens When Marrying Someone with Student Loan Debt? 1.1: In most cases, you’re not liable for your spouse’s debt from before marriage. … 1.4: Your spouse’s debt could affect your financial future as a married couple. 1.5: Your spouse’s student loans won’t affect your credit score.
Does your spouse’s debt become yours?
People probably get tripped up on this myth because in certain circumstances, you may be responsible for debt your partner incurs during the marriage. In general though, no, you’re not legally responsible for your new spouse’s old debt.
Can student loans take your lottery winnings?
The federal government can intercept federal and state income tax refunds and lottery winnings to repay defaulted federal student loans. Collection charges of up to 20% may be deducted from every payment.