Joint Student Loan Consolidations

Attending college is a very exciting experience in a young person’s life. Upon graduation, they have a shiny new degree that opens up a whole new world of opportunities. Due to the high cost of education, most students also leave with thousands of dollars worth of debt from student loans. Since the college years are also a very social time, many students also leave college with a new spouse. In this case, there may be twice as much debt to worry about. Starting a new career after college graduation can be a challenge, and beginning a marriage adds additional stress to the situation. When the bills for student loans start rolling in, it can feel like keeping up is nearly impossible. In this situation, student loan consolidation may be a good option.

Although most people know that they can consolidate their own federal and private student loans, they may not know that is it also possible for couples to consolidate loans jointly. This means that instead of each person being responsible for several loan payments each month, they may be able to consolidate all their loans together and make just one monthly payment. There are, however, a few conditions that must be met in order to qualify. Most importantly, couples usually must be legally married. Before applying for joint student loan consolidation, there are a few important things that you should keep in mind. While consolidating your loans will reduce your monthly payments and extend your repayment term, it can cause complications in the future. If you and your spouse ever get divorced, you will each be responsible for half of the loan. In other words, once your loans are combined, you will not be able to separate them based upon the original amount each person owed. If either you or your spouse has significantly more student loan debt, keeping your loans separate may be a better choice.

If you believe that joint consolidation is the right option for you and your spouse, the application process is fairly simple. If you are consolidating federal loans, you will need to contact the Department of Education. This can be done at http://www.loanconsolidation.ed.gov/ . There you will find online application forms as well as contact information if you need to speak with a loan adviser. If you are consolidating private loans, you should start by contacting that original loan providers. If you and your spouse have loans from several different private lenders but you currently have a joint account at another bank, they may be your best choice for jointly consolidating your loans. You will both need to be present to apply. When you meet with a lender, you both should have your identification, social security number, and proof of residency, income, and employment. You may also need to show your marriage license or other proof of marriage. Your loan will be approved or denied based upon both of your credit scores. The interest rate will be determined the same way.

Joint student loan consolidation can be a good way to reduce your monthly burden. Doing so will provide you with more money and time to spend with your new spouse as you work toward building your new life together.