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Student Loan Law Series: The Trouble with Joint Consolidation Loans

Student loans can get overwhelming to handle on your own, and many couples who get married think it is a good idea to consolidate their student loans to make paying off the loans less of a burden. It's not.

Married couples have the potential to get divorced due to financial hardships, however once they are divorced from each other it doesn't mean their financial ties disappear, such as Federal Joint Consolidation loans. A Federal Joint Consolidation loan that was made while married cannot be reversed.

To fix the problem many divorced couples try to allocate the percentage of liability to each side. Some try to split the loans 50/50; others, by how much each party initially contributed to the loan.

However, allocation does not work due to several reasons. One being that, attorneys cannot possibly know that each party will make regular payments, on time for the remainder of the loan. The payments could take over 30 years with monthly payment plans.

Another issue to take into account is how willing the parties are to corporate with each other. This could mean that they might have to submit income information in order for one side to qualify for Income Based Repayment (IBR). If one or both of the divorcees have gotten remarried, it is highly unlikely that the spouses of either party are willing to disclose personal financial information so one side can benefit. Liability of loan payments remain with the couple regardless if they are now divorced. This means that if one party fails to make a payment the other faces the repercussions also.

Many divorced couples do not want to communicate with each other after the divorce is final. Having Joint Consolidated student loans with your ex causes a lot of problems with cooperating in paying the previously consolidated loans.

It is important if one does find themselves in a situation such as dealing with paying off joined student loans with an ex-spouse, to contact the right legal help to mediate and guide you to a debt free life.

Work Cited:

Beware the Nightmare Loan - Federal Joint Consolidation Loans (The Student Loan Lawyer CT Attorney Joshua Cohen)


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