Hi, Can my wife be made to pay my student loan debt?

Hi,

I am looking at various student loan payment options and wondering what is the best deal. I am looking at about 35k in student loans right now. I started doing paperwork for the income related, long term student loan one but got stopped at the spouse cosigner part. So if I sign that does my wife get put on the hook for my debt. I do not live in a community property state.

Thanks,

Brant

 

I guess the answer is yeah, but my wife in ok with it. What I am looking at is about 8$ a month right now with it costing more later plus my wife will be on the hook TOO. Here's to hoping I live long enough to make it to the 20 year mark!:deal:

 

You really need to talk to a lawyer.

 

That would cost more than the 35k I owe. Actually I think we will just sign it and move on. (unless that's some kind of implied threat)

 

This might help: How Marriage Affects Your Student Loan Repayment | Paying for College | US News


I'm also in the IBR program. For now we're filing jointly, though that may well change in the next few years

 

If you co-sign a loan you become responsible for the loan. This is true regardless of whether you are married or it is a community property state.

That's what co-signing is.

 

My understanding is that you can change repayment plans to suit your needs. So if this one doesn't cut it, I can always go to another one. I have to wait a few days for the wifes fafsa to go through then I start my repayment. Of course they are going to be fair with me right?

 

You would not be signing the cosigner line--you can't be a surety for your own loan-- that would be your wife's job, to be a guarantor, why it's a "spouse cosigner part". As Neuhaus says, anyone who cosigns your loan, spouse or not, will be on the hook if you default. If your spouse doesn't cosign and you're not in a community prop state, then as a general rule the spouse isn't on the hook (there are exceptions, such as for necessities, e.g., housing).

 

Hmm, we finished it. Actually, I don't think its cosigning unless you actually cosigned at the beginning of the loan. It just required if you filed your taxes jointly. I couldn't find any documentation anywhere that it was actually cosigning, (unless you already cosigned)? Wish me luck, or not. It looks like you can move to any other type of repayment plan that you qualify for anyway.

 

I'm not sure why you came to the forum if you weren't going to listen. I cosigner is a cosigner. A person wouldn't have to agree at the beginning of the loan to be a consigner. They could at any point (in theory) agree to take on someone else's debt. Granted, that is few and far between because not many people are willing to say "here I'll take it". If it's important...and I think this is important...then you should talk to an attorney about it. I SERIOUSLY doubt an attorney will cost you 35k like you stated. You should check with your local bar association. They may have a legal aid clinic. With the student loan bubble growth there's been an entire area of law that's developed in this so it doesn't hurt to ask a trained profession.

 

I really don't think its going to be as bad as you think. We are not Rockefellers here. If I don't like the offer I can always change the repayment plan.

 

Anytime you co-sign for the loan, you are responsible for paying back if the debtor does not pay. However, in your case she does not have to pay if you end up getting divorce, and the request the final divorce creed that she has nothing to do with your student loans. Therefore, she is not obligated to it...which it will fall under your obligation.

 

Thanks for the info, I, for sure, will talk to a lawyer if repayment becomes a problem. And, of course, my creditors

Brant

 

It does not matter when you cosign, beginning of loan, middle of loan, whatever. If you are signing your name on the loan documents, in every possible case I can imagine, you are a surety, a guarantor of the loan. I teach business and corporate law, as well as accounting, and both fields cover this topic. "Don't know much about history, don't know much biology, don't know much about a science book, don't know much about the French I took"...but I DO know about my own field, and if your wife signed those loan documents on the first day, middle day, last day of the loan and you default, she's on the hook.

 

Is this thread serious, or a joke? If your wife signs stating she is willing to take on your debt (not sure why anyone would do that) then yes, she's on the hook. YOU can't sign for her. And if she doesn't sign, she's not on the hook. i think you should just leave her off and deal with your debt yourself.

 

Well we did sign up for that. The older one is 0$ monthly currently and I can't change from standard repayment to income adjusted payment until after the grace period ends for the other one so I may be on the hook for that payment. The thing is, I don't know how much the payment will be. All I know is that it will be equal to, or less that 359 dollars.