Refinance loans w/o putting wife on the hook?

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Refinance loans w/o putting wife on the hook?

Postby Anonymous User » Mon Jan 16, 2017 8:37 pm

Has anyone refinanced their student loans and looked into whether their spouse is also on the hook? I've read that, in community property states, even if my wife doesn't co-sign, she may still have to pay my loans if I pass away. I'm living in DC which isn't in a community property state. I'm looking into So-Fi, Earnest, etc.

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Re: Refinance loans w/o putting wife on the hook?

Postby Anonymous User » Mon Jan 16, 2017 11:21 pm

Life insurance. At your age, it's a very slight tax relative to the refi savings. And, even if you're not in a community property state, still a kindness to your significant other.

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Re: Refinance loans w/o putting wife on the hook?

Postby Anonymous User » Mon Jan 16, 2017 11:38 pm

Anonymous User wrote:Has anyone refinanced their student loans and looked into whether their spouse is also on the hook? I've read that, in community property states, even if my wife doesn't co-sign, she may still have to pay my loans if I pass away. I'm living in DC which isn't in a community property state. I'm looking into So-Fi, Earnest, etc.


Look at the promissory notes. Most private student loan lenders I've looked at discharge the loans upon death of the borrower, even with a co-signer.

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kalvano

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Re: Refinance loans w/o putting wife on the hook?

Postby kalvano » Tue Jan 17, 2017 12:25 am

"Community property state" doesn't automatically mean she is liable for every debt you incur.

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swampthang

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Re: Refinance loans w/o putting wife on the hook?

Postby swampthang » Wed Mar 15, 2017 10:32 am

Agreed with what everyone else has said. Generally if your wife doesn't co-sign, she won't be on the hook, full stop. Lenders are required to make state-specific disclosures if there's some community property issue to worry about (which it doesn't sound like there even would be since you're in DC). Here are some thoughts to consider before refinancing.

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Alt123

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Re: Refinance loans w/o putting wife on the hook?

Postby Alt123 » Thu Mar 16, 2017 7:40 pm

kalvano wrote:"Community property state" doesn't automatically mean she is liable for every debt you incur.


Yeah. In California, my wife and I were legally married for about half of the loans I've built up. However, California puts the debts of education onto the individual who received the education, regardless of Community Property.



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