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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Marko Geber/Getty Images October 13, 2022 Hanneh Bareham specializes in everything related to student loans and helping you finance your next educational endeavor. She aims to help others reach their collegiate and financial goals through making student loans easier to understand. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Bankrate logo Editorial integrity
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Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Getting married is an exciting life event that also comes with changes to your finances, including to your student loans. Before you get married, it’s important to know what changes to prepare for so you’re not blindsided. How marriage could affect your student loans
While marriage will impact all student loan borrowers differently, most commonly it can affect alternate repayment plans, tax deductions and the amount of federal financial aid you’re awarded. Federal financial aid
If your marital status changes, so will your federal financial aid award potential. When you get married, you’re considered an independent student, even if you rely on your parents monetarily and live with them. If you’re an independent student, the no longer takes your parents’ financial information into account when determining your financial need; instead, it uses your financial information and your spouse’s. This could have either a positive or a negative effect on your financial aid. If your spouse’s income is higher than that of your parents, your financial need could go down, causing you to lose some financial aid. On the flip side, if you and your spouse are earning much less than your parents, you could end up receiving more financial aid. Student loan interest deduction
When you get married, your eligibility could change. This deduction allows you to deduct up to $2,500 in interest paid on a student loan during the tax year — as long as you fall below the modified adjusted gross income (MAGI) limit. When you get married and file a joint tax return, the MAGI limit for the student loan interest deduction increases. The deduction is phased out for MAGIs between $140,000 and $170,000, and MAGIs above $170,000 are not eligible for the deduction. Again, whether this will affect you depends on your spouse’s income. Having a high household income after marriage may mean that you’re no longer eligible for the deduction, but marrying someone with a low annual income could mean the opposite. Income-driven repayment
Getting married can impact your federal plan if you choose to file your taxes jointly with your spouse. Each IDR plan uses your income to determine your monthly payment; if you and your spouse both work and your income rises, your monthly IDR payments may increase as well. There is a way to get around this with most plans; if you choose to file separately, you may have only your income considered for your plan. The only exception to this is ; even if you file separately from your spouse, their income will still be considered when it comes to your monthly payments. The bottom line
Getting married can impact your student loan repayment plan, financial aid potential and more, especially if you choose to file your taxes jointly. Before getting married, sit down with your partner to talk through finances and any potential impacts from a new marital status. Remember, student loans are only one part of your finances; before deciding on a tax filing strategy, it may be smart to speak with a licensed financial advisor and talk through different scenarios. SHARE: Hanneh Bareham specializes in everything related to student loans and helping you finance your next educational endeavor. She aims to help others reach their collegiate and financial goals through making student loans easier to understand. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Related Articles