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The Best Option for Married Couples Who Both Have Student Loan Debt

Ben Luthi
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Before You Read, Lower Your Student Loan Payment

It’s that quick & easy — really. Our free tool checks a network of top refinance lenders and shows you options in one easy chart.
Checking rates takes 2 minutes with no impact on your credit
Federal & private loans are eligible
No maximum loan amount

Before You Read, Lower Your Student Payment

It’s that quick & easy — really. Our free tool checks a network of top refinance lenders and shows you options in one easy chart.

Checking rates takes 2 minutes with no impact on your credit
Federal & private loans are eligible
No maximum loan amount

It’s not uncommon for couples to combine some or all of their finances after they get married.

Almost two-thirds of spouses merge their financial accounts, according to a survey by Magnify Money.

But in a lot of cases, your debt is your own, including your student loan debt. Fortunately, combining student loans with a spouse is possible with a unique loan refinance option, and there are some good reasons to consider it.

Of course, there are also potential pitfalls to understand before you move forward. Here’s everything you need to know.

Why refinance student loans

Consolidating student loans with a spouse will require you to refinance your loans together into one new one. But beyond the ability to combine your debts, why refinance student loans? Here are some other benefits:

  • Save money on interest: It’s possible to get an interest rate that’s lower than what you’re currently paying on your student loans. Depending on how low of a rate you can qualify for, you could save hundreds or even thousands of dollars.
  • Reduce your monthly payment: If you qualify for a lower interest rate, you’ll also stand to get a lower monthly payment, which can make your student loan repayment more affordable.
  • Get extra payment flexibility: Student loan refinance lenders offer a range of repayment terms, typically from five to 20 years. So if you want to pay off your debt more quickly, you can opt for a shorter term and a higher monthly payment. Alternatively, if you’re struggling to keep up with payments, you can request a longer term and score a lower payment.

Of course, there are some potential drawbacks to refinancing, too, especially if you have federal student loans.

For starters, not everyone qualifies for student loan refinancing — the average borrower has a high credit score and high income. And if you have federal student debt, consolidating student loans with a spouse through a private lender will cause you to lose access to certain benefits. That includes loan forgiveness programs, income-driven repayment plans and generous forbearance and deferment options.

But if you’re confident in your eligibility and don’t plan on using federal loan benefits, refinancing can be an excellent way to achieve your goals with your student loan debt.

Why consolidating student loans with a spouse can be helpful

Combining student loans with a spouse can provide some significant benefits to both of you, and if you’re considering it, PenFed Credit Union’s Spouse Loan is a unique way to make that happen.

Here are some of the benefits of spouse student loan consolidation:

  • Combine loan payments: The fewer monthly payments you need to keep track of, the easier it will be to manage your money. Regardless of how many different student loan payments you’re both making, the Spouse Loan gives you a single monthly payment between the two of you.
  • Enjoy the benefits of one spouse’s eligibility: For whatever reason, one spouse may have a higher income or a better credit score than the other. This can make it challenging for one spouse to qualify for student loan refinancing on their own. When consolidating student loans with a spouse, though, PenFed Credit Union will take the higher income and credit score when determining whether you meet the criteria. The same goes if one spouse has a higher degree than the other.

Of course, combining student loans with a spouse can make it difficult to separate that debt again if you were to divorce in the future. But if that’s not a concern, both you and your partner can take advantage of the benefits the Spouse Loan provides that you can’t get anywhere else.

The 2 Best Companies to Refinance Student Loans

Our Top-Rated Picks for 2022 Offer Low Rates and No Fees

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5.48% – 8.94% APR 4

Variable Rate

5.28% – 8.99% APR 4
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Fixed Rate

5.19% – 9.74% APR 2

Variable Rate

5.72% – 9.74% APR 2

When a spouse student loan consolidation makes the most sense

Every situation is different, so it’s important to consider yours when deciding if a Spouse Loan is right for you. Here are some situations where it can be the right move for you and your spouse:

  • One spouse has a higher credit score than the other
  • One spouse has no income or a low income
  • One spouse has more debt, making their debt-to-income ratio too high to qualify
  • One spouse obtained a higher degree in college
  • You have a large number of loans and want to simplify your repayment plan
  • You have private student loans or federal loans but don’t need access to federal benefits

If any of these apply to you, consolidating your student loans with your spouse may be a good idea.

How to compare student loan refinance rates and options

PenFed Credit Union is the only lender that offers spouse student loan consolidation, but it’s still important to shop around and review interest rates and other features across multiple lenders. That way, you can make sure you and your spouse are getting the best deal available.

While that may mean that you don’t end up with a single loan between the both of you, one spouse may be able to cosign the other’s student loan refinance application with a different lender, which can provide some of the same benefits as a spouse consolidation loan.

So before you make the decision to apply for any refinance loan, take your time to compare and contrast different options available to you. One way to do this is to visit individual lender websites and get prequalified — most student loan refinance lenders offer this option with just a soft credit check, so you don’t have to worry about your credit score going down.

To save some time, though, consider using the Purefy compare rates tool. You’ll provide some basic information about yourself and your student loans, then you’ll be able to view offers from multiple lenders, which you can compare side by side, based on your credit profile.

This setup can make it easier to shop around and ensure that you get the best offer that you qualify for.

The bottom line

Depending on your situation, consolidating student loans with a spouse can have some significant benefits. Take some time to consider your situation and other options to make sure you find the right path forward for you. Regardless of what you decide, being proactive about your student loans can help you save time and money as you eliminate your debt.

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Student Loan Refinance

Today’s Rates Starting From 4.49% APR1

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Ascent Rate Disclosure

Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentStudentLoans.com/Ts&Cs.

Rates are effective as of 12/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized back account each month. For Ascent rates and repayment examples please visit: www.AscentStudentLoans.com/Rates.

1% Cash Back Graduation Reward subject to terms and conditions. Click here for details.

SoFi Rate Disclosure

3 SoFi Rate Disclosure:

Fixed rates range from 4.49% APR to 8.99% APR with a 0.25% autopay discount. Variable rates from 5.09% APR to 8.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.

ISL Rate Disclosure

Earnest Rate Disclosure

2 Earnest Rate Disclosure:


Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.44% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.97% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.

Advertiser Disclosure:

THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.

Earnest Rate Disclosure

Rates displayed include the 0.25% Auto Pay discount. You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.67% APR to 16.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.64% APR to 16.45% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

Loan Eligibility criteria: Eligible students must: 1) For college Freshmen, Sophomores and Juniors, attend, or be enrolled to attend, a Title IV school full-time. For college Seniors and Graduate students, attend, or be enrolled to attend, a Title IV school at least half-time; and 2) be pursuing a Bachelor’s or Graduate degree. Earnest private student loans are subject to credit qualification, completion of a loan application, verification of application information, self-certification of loan amount, and school certification.

Responsible borrowing tip: Explore all scholarship, grant and federal options before applying for a private loan.

Earnest Private Student Loans are made by One American Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104.

Earnest loans are serviced by Earnest Operations LLC, 535 Mission St., Suite 1663 San Francisco, CA 94105, NMLS #1204917, with support From Navient Solutions, LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.

Advertiser Disclosure:

THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.

ELFI Rate Disclosure

4 ELFI Rate Disclosure:

Education Loan Finance is a nationwide student loan debt consolidation and refinance program offered by Tennessee based SouthEast Bank. ELFI is designed to assist borrowers through consolidating and refinancing loans into one single loan that effectively lowers your cost of education debt and/or makes repayment very simple. Subject to credit approval. See Terms & Conditions. Interest rates current as of 10/13/2023. The interest rate and monthly payment for a variable rate loan may increase after closing, but will never exceed 9.95% APR. Interest rates may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. For example, a 10-year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. Rates are subject to change.

ELFI Rate Disclosure

Education Loan Finance is a nationwide student loan provider offered by Tennessee based SouthEast Bank. ELFI is designed to assist students financially with receiving their education. Subject to credit approval. See Terms & Conditions. Interest rates current as of 12/11/2023. Variable interest rates may increase after closing but will never exceed 18.00%. Interest rates may also differ from the rates shown above. The term of your loan, financial history, and other factors, including your cosigner’s (if any) financial history can affect the interest rate. For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change.

College Ave Rate Disclosure

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
Rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
Minimum loan amount $1,000, as certified by your school and less any other financial aid you might receive.
This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 1/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

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