- Is spouse responsible for student loan debt incurred before marriage?
- Can the IRS take my refund for my wife’s student loans?
- Is my spouse responsible for my student loans if I die?
- How does marriage affect income based repayment?
- Can student loan debt take my house?
- Can a spouse’s wages be garnished for student loans?
- What happens when you marry someone with student loan debt?
- Is husband responsible for wife’s student loans?
- Who pays student loans if you die?
- Can I take over my wife’s student loans?
- Can the IRS take my refund if my husband owes student loans?
- Can student loans take your lottery winnings?
Is spouse responsible for student loan debt incurred before marriage?
Student debt that you bring into a marriage remains your debt.
Let’s say you have $30,000 in federal student loans and $40,000 in private student loans when you get married.
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).
Is my spouse responsible for my student loans if I die?
If the student loan is a federally backed education loan, a spouse is safe from repayment liability. According to the U.S. Department of Education, if the borrower of a federal student loan dies, the loan is automatically canceled and the debt is discharged by the government.
How does marriage affect income based repayment?
If you’re on an income-driven repayment plan for your federal student loans, getting married could affect your payments. If you file your taxes as “married filing jointly,” your income and your spouse’s income will be combined into one adjusted gross income. As a result, your bill could increase significantly.
Can student loan debt take my house?
Unsecured Loans If a defaulted student loan is unsecured, like all federal student loans and most private student loans, the lender must sue the borrower and get a court judgment against the borrower before they can seize the borrower’s property. … They can also seize the borrower’s brokerage accounts.
Can a spouse’s wages be garnished for 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.
What happens when you marry someone with student loan debt?
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.
Is husband responsible for wife’s student loans?
Student loan debt remains the responsibility of the borrower even after you’re married, but marriage or common law status might affect the repayment of your student loans and your ability to take out new student loans. … This can often make a student ineligible for student loans.
Who pays student loans if you die?
If you die, your federal student loans will be discharged, meaning no further payments will be required. Your parent, spouse or another person you appoint will need to submit proof of death to your loan servicer. This means an original or copy of the death certificate.
Can I take over my wife’s student loans?
The Department of Education won’t let you transfer federal student loans to another person, but that doesn’t mean it’s impossible.
Can the IRS take my refund if my husband owes student loans?
If the debt is paid off and any amount of your refund remains, it will be returned to you. If you have a spouse with whom you file your taxes jointly, the IRS can seize the entire joint tax return, even if your spouse is not connected to your federal student loan.
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.