The federal government’s decision to forgive $10,000 of student loan debt is good news not only for millions of borrowers, but also for their partners. While student loans taken out before marriage are generally considered separate debt (as long as no one co-signed), couples often deal with each other’s financial baggage in some way or another.
Still, today’s typical undergraduates with loans have close to $25,000 in debt upon graduation, according to a Department of Education analysis. That means there will be plenty of student borrowers whose debt remains.
A month after I got married in 2018 a personal finance article sparked widespread debate. The gist was a man had helped his new wife pay off an undisclosed amount of “large debts” – including student loans – within two years of saying “I do.” With the debt resolved, the wife sought a divorce. Hot takes flooded social media and I lobbed my opinion: Don’t pay off any debts for your partner until you’re married, and be sure to get a prenup.
