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The high cost of college tuition causes some students to graduate deeply in debt.Today there are 44.2 million American graduating with student debt, with an average debt of ,550 for public school graduates and ,300 for private school graduates.When you get married, “yours and mine” becomes “ours” — for almost everything except student loan debt.If one or both of you borrowed to fund your education, you may be interested in consolidating your debt together so that you can share repayment responsibilities and get out of debt faster.Consolidating student loans with spouse can yield several advantages.For example, if one of you has a significantly higher credit score than the other, then Purefy can use the higher credit score to determine the interest rate for the loan.
That rule required borrowers who had all their federal student loans with one lender and wanted to consolidate to use that lender. Smaller lenders are eager to lure student loans from the major players, Walker says.Loan discounts that kick in when you start making payments are most valuable.The longer you have to wait to qualify, the less a discount will be worth.A reader is thinking about consolidating his two student loans.He wants to know if this is a prudent move and what's the best way to get started. For those answers, check out today's Ask Laz video.
Graduating college and earning a degree is certainly something worth celebrating.