How marriage affects your student loans - AMP | Achieving Maximum Potential

How marriage affects your student loans

bride and groom sitting back to back

How marriage affects student loan repayment

Wedding season is here! Are you recently married or getting married soon? Take some time to figure out how getting married can affect your federal student loan repayment plan. A few quick points:

  • Filing taxes jointly with your spouse means the U.S. Department of Education will use your joint income when calculating payments under an income-driven repayment plan.
  • Filing separately usually means the Department of Education will use just your income when calculating income-driven payments.
  • If the Department of Education uses your joint income to calculate your payment and your spouse has federal student loans, your payments will be reduced to account for your spouse�s loan debt.
  • Filing taxes separately can make some income-driven repayment plans more affordable, but you might take a tax hit.

Find more information from the U.S. Department of Education.

© 2021 YSS All rights reserved.