Student loan debt is becoming a common hallmark of young adult finances as tuition rates continue to rise. About 70% of people who graduate from college have student loan debt. This column provides some advice for couples with student loan debts who are getting married. It is important for each couple to make an assessment of their individual financial circumstances. Couples should develop a plan for tackling the student loan debt and talk about it with each other. There are certain debt managing strategies that couples can use like paying off the high interest debts first and making regular payments. If a person cannot afford to pay off their debts they should pick up the phone and negotiate a debt repayment plan. A person is not liable for the loans that their spouse took out before marriage, but they might be liable for the loans that were taken out after they were married. There is no one size fits all strategy and it is a good idea to speak with a professional estate planner to develop a plan.
See Kate Anania, What to Do Before Marrying: Student Debt, Investopedia, March 1, 2016.
