Married AFTER student loans taken out

[oswegomama]

My last loan was 1998 and then I graduated. I married in 01 and never changed the info on my DSL loans. They have pulled tax info every year, we always file jointly. but the "marriage penalty" would literally make my loans insanely unaffordable. I owed $48K in 98 at graduation and with interest accrual, now I owe $88K. Is that insane? I consolidated BEFORE they dropped the rates so low so that I could get the ICR repayment. Now, I will fall under the public service cancellation in 9 yrs!!!

 

Has anyone else had this situation? I know that now in the future I can file separately from my husband to make it legal but that has not been the case in previous years. Just wonder what others think on this issue?

[LynnInMN]

My last loan was 1998 and then I graduated. I married in 01 and never changed the info on my DSL loans. They have pulled tax info every year, we always file jointly. but the "marriage penalty" would literally make my loans insanely unaffordable. I owed $48K in 98 at graduation and with interest accrual, now I owe $88K. Is that insane? I consolidated BEFORE they dropped the rates so low so that I could get the ICR repayment. Now, I will fall under the public service cancellation in 9 yrs!!!

 

Has anyone else had this situation? I know that now in the future I can file separately from my husband to make it legal but that has not been the case in previous years. Just wonder what others think on this issue?

 

Your husbands income will still be taken into account since you will be filing married but seperate. That is how ICR has always worked and quite frankly it is only fair.