When I graduated college in 2012, 71% of all the people who graduated with me that year had student debt. That means there’s a really high probability you need to talk with your spouse about student loans. Financial stresses are a major minefield in marriage. To help relieve this stress, here are three conversations that will help you both become debt free faster.
1. Decide What Payment Plan is Best for Both of You
Marriage changes the analysis of what plan is best to use for repayment. For example, if you use the Income Based Repayment plan and took out loans prior to 2014, your monthly payment is based on 15% of your discretionary income. However, if you’re married, you have to decide whether or not to file taxes separately or jointly. If you keep your tax filing separate, the government only considers your income in payment calculation. If you file jointly, the monthly payment is based on both of your incomes.