Can you consolidate student loans with spouse

Angela Brown is a personal finance and real estate authority and a contributor to Credible. Our goal is to give you the tools and confidence you need to improve your finances.

Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS , is referred to here as "Credible. More than 43 million adults in the U. Considering that the typical graduate has eight to 12 different loans, a married couple could have up to 24 loans to manage — which might make the idea of consolidating student loans with your spouse appealing. As of , PenFed Credit Union is the only lender that allows couples to consolidate their loans together.

But you do have other options. Your spouse could also consider refinancing their student loans with you as a cosigner or vice versa. Learn more: Student Loan Consolidation vs. Student Loan Refinancing.

Here are a few critical differences to keep in mind before deciding whether to consolidate or cosign student loans with your spouse:. With spousal loan consolidation, the lender will consider your combined income and debt and will determine your interest rate based on the highest credit score and level of education between both of you.

Additionally, some lenders offer a cosigner release option — this means you could be removed from the loan after a specific number of consecutive, on-time payments are made. If you decide to refinance your student loans, be sure to consider as many lenders as possible to find the right loan for you and your spouse.

Be sure to consider all your options before settling with one lender. Alternatively, you can refinance your student loans with another private lender and get your spouse as a cosigner. In this case, you have more private lenders to choose from and more options to shop for a better rate. Be sure to identify your goals and assess your options before proceeding with spousal student loan consolidation or refinancing. Get Started. August 18, Refinancing My Student Loans With My Spouse as a Cosigner You have more private lender options if you decide to refinance your student loans with your spouse as a cosigner.

Related Articles. Check if your employer qualifies for forgiveness. Your spouse co-signs a loan refinancing your debt, getting you a lower rate on the back of his or her finances. If you're considering consolidating student loans with your spouse, here's how to decide if you should. Refinancing makes the most sense to save money on higher-interest private and graduate school loans.

For joint spousal loans and loans that spouses co-sign, PenFed evaluates the couple based on their combined income and counts shared debts, like mortgages, only once. Other lenders may evaluate spouses separately. Ask a lender about its policy before applying.

Still have cold feet about refinancing with your spouse? These steps may help protect you:. Try co-signing first. Co-signing may have a valuable option that spousal loans lack: programs that eventually remove your spouse from the loan. Get extra life insurance. Cover yourself if your partner dies and you have to pay a hefty spousal loan on your own.

Know what you're giving up.