Marriage Impact On Debts

Summary

Getting married can potentially affect your eligibility for certain benefits like FAFSA, school loans, and personal debt. The impact depends on various factors including your state of residence and individual circumstances. If you file taxes separately after marriage, your spouses income wont affect your income-driven repayment plan for your FAFSA loans. However, it may limit certain tax benefits. You can change your last name without getting married through a legal name change process. The social and financial benefits of marriage versus cohabitation can vary.

Full Conversation

Me and my girlfriend want to get married (we are both female)I have a bit of student debt through Salle mae and fasfa along with $*,* personal debt I am I’ll and trying for disability I was wondering if getting married will impact my fasfa or school loans along with my $* personal debt. Im trying to get disability but it’s hard. If we are to get married would there be any negative impact on my payments?
What is your current income and your girlfriend's income? This information is important as it can affect your FAFSA and disability benefits.
I don’t work and she is payed 60k
What state are you located in? This is important as rules regarding marriage and debt responsibility vary by state.
massachsuets
What type of disability benefits are you currently receiving or applying for? This is important as different programs have different rules regarding marriage and income.
I don’t have any but will be trying for disibikuty for my lupus and other issues
Are you currently enrolled in school or planning to enroll in the future?
no
Are you currently making payments on your student loans or are they in deferment?
I pay one through aese Salle mae but I don’t pay my fasfa it’s in income deriven
What is the current status of your $* personal debt? Are you making regular payments or is it in collections?
i make payments
Are you concerned about your spouse being responsible for your debts or the impact on your disability benefits and FAFSA?
the impact being put on them and my payments becoming to expensive simply based on their pay.
What is the current status of your disability application? This is important as it can affect your eligibility for certain benefits and programs.
haven’t started it’s not about the disability status but more that I don’t work and I don’t pay anything now for my fasfa
Are you currently receiving any form of financial aid or benefits from the government?
no aid at all
Are you planning to file a joint tax return after marriage? This could potentially impact your student loan payments under an income-driven repayment plan.
no I would file individually
What is the current interest rate on your student loans and personal debt? This information can help determine how your payments might change after marriage.
I don’t know but I owe like 80k in student loans
What is the interest rate on your $* personal debt?
mall dofferent for different cards
What is the highest interest rate among your different cards?
*.* I think
What is the total amount of your personal debt across all cards?
*,*$
What is the repayment plan for your student loans and personal debt?
petsobal minimum payments and income derived for fasfa and others are in regular payment and then a 2 year plan
I just want to know if I can get married with out my payments going through the roof cause I don’t make any income and my partner does
What type of repayment plan are you on for your student loans?
income derived
What is the specific income-driven repayment plan you are on for your student loans? Is it Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), or Income-Contingent Repayment (ICR)?
Can I ask something different
Of course, you can ask something different. What would you like to know?
can I change my last name with out getting married?
Yes, you can change your last name without getting married. This process is called a legal name change and it typically involves petitioning the courts. The process may vary by state.
If I simply change my name and not legally get married is that okay? Like to say I have a partner kinda wife
its legally okay to just change my last name and ack as if we are married?
if I change my last name to my fiancés and we don’t legally get married is that legally okay?
so getting married while I have some personal and school debt won’t be impacted as long as I file individually on taxes?
What type of income-driven repayment plan are you on for your student loans? This can impact how your payments are calculated after marriage, even if you file taxes separately.
Massachusetts
What is your specific concern about getting married and its impact on your FAFSA, school loans, and personal debt?
will getting married impact payment amounts when talking about school loans
Are your school loans federal or private? This is important as federal loans use income-driven repayment plans which could be affected by your marital status.
even if I am not employed
Are you asking if your employment status will affect your loan repayment after marriage?
yes
What is your spouse's income level? This is important as it can affect your loan repayment under income-driven repayment plans.
60k
Are your school loans currently under an income-driven repayment plan?
Only my fasfa ones
Are you currently enrolled in school or have you graduated?
no
Are you currently making payments on your FAFSA loans or are they in deferment?
Deferment
What is the reason for your loans being in deferment?
biden
Are you referring to the student loan payment pause and interest waiver under the Biden administration?
yes
Are you planning to file your taxes jointly or separately after marriage?
seperate
If you file taxes separately, your spouse's income won't affect your income-driven repayment plan for your FAFSA loans. However, it may limit certain tax benefits.
do you have to file joint tax once married?
No, you don't have to file joint tax once married. You can choose to file separately. However, filing jointly may provide certain tax benefits.
if I change my last name and don’t get married what benifits am I missing?
What benefits are you referring to? Financial, social, legal? This will help me provide a more accurate response.
social
Are you asking about the social benefits of marriage versus cohabitation without a legal marriage?
yes
What specific social benefits are you interested in comparing between marriage and cohabitation?
actually financial
What specific financial benefits are you interested in comparing between marriage and cohabitation?
debt
What type of debt are you referring to? Personal, credit card, student loan, or something else?
credit card debt
What is the total amount of your credit card debt?
$*
What is your plan for paying off this credit card debt?
monthly
What is your monthly income? This will help determine your ability to pay off the debt.
I am unemployed
What are your plans for employment or income generation in the near future?
soon disability
What type of disability benefits are you expecting to receive: SSDI (Social Security Disability Insurance) or SSI (Supplemental Security Income)?
ssdi
What is the status of your SSDI application?
credit card