Student loan and the step parent
As residents of a community property state how does this potentially affect me after we get married? We'll have a prenup but while that will keep out credit card bills separate, will it separate student loan debt?
If she cosigns and the daughter defaults, of course they'll come after my fiance but can they come after me as well? What about if she cosigns another loan after we're married?
Same question except with the PLUS loan or a consolidation loan?
I don't mean to sound cheap but looking at the worst case scenario, I'd hate to be on the hook myself and have my retirement raided because of some poor choices I didn't have a say in.
Why would a parent helping a student get a student loan surprise
Why would a parent helping a student get a student loan surprise you? The cost of an education is no big secret and neither is that financial aid does not always meet the needs of the student. This is a decsion most parents of college bound students make.
The loans will not affect you. If you were a little bit less selfish, you might ask how the loans will affect your future wife and step daughter and maybe advise them on responsible borrowing and budgeting. Is your future step daughter making a wise career and educational choice? Are there jobs available in her career path and do they pay enough to cover her loan payments?
Yeah...Soaplady is right!! You will not be liable for the loan.
Yeah...Soaplady is right!! You will not be liable for the loan. You'll only liable for a debt incurred during your marriage years. As a cosigner, only your future wife will be liable for the student loan.
Please don't assume
Please don't assume that I haven't been trying to advise them, I have been. But there's only so much a non-relative can do. It suprised me because previously, she'd always said that she would only do so much and that loans didn't figure into it.
But there seems to be two different answers displayed though. My question revolved around both pre and post marriage loans. Soaplady says that the loans (those signed pre and post marriage) won't affect me at all while "Unregistered" says that only those debts incurred after marriage affect me, which would seem to indicate that loans taken or cosigned after marriage would affect me.
I primarily need to know so I know how hard to push for defensive tactics. If a loan default potentially affects me and my credit due to marriage, I'll have the moral justification to push hard for certain defensive tactics, like insisting my soon-to-be-wife be the one to make the monthly payment, etc. where if they really don't, I can simply advise and let my fiance make the decision she's comfortable with.