(Closed) Are you both paying towards one person's school debt?

posted 5 years ago in Money
Post # 3
3968 posts
Honey bee
  • Wedding: September 2014

I will be. We’re waiting to combine once we’re married, but once we combine, we will have 70k of my fiance’s debt. I would keep saving (personally) in your emergency fund, and contribute when you combine (if that’s your plan) after you marry. I would still wait until we were legally married even if we didn’t plan on combining. 

Post # 4
799 posts
Busy bee
  • Wedding: September 2014

I will be contributing to his student loan debt as if it were my own (I dont have any)

Post # 5
2891 posts
Sugar bee

It would be very generous of you, but do not feel as if it was an obligation. I have around 15K in student debts and Fi just went back to college at age 36 to get a bachelor. So he’ll start having debts, while he didn’t a few months ago. I won’t be paying for his debt and he won’t pay for mine. But we help each other as we can. My mother has a good salary and my father is paid close to minimum wage, no retirement or savings related to that. It’s been 30 years my mom pays both her share and his into their common retirement savings. It was a decision they made together because my dad simply couldn’t afford it, even if he’s a very hard-working man. 

Post # 6
11747 posts
Sugar Beekeeper
  • Wedding: November 1999

@rawrrawr:  I’d keep saving. If he can’t save one of you should. Your money is better off earning interest then it is paying student loans off a little faster . I know they’re daunting I have $60k left myself but I think it’s important to ace rather than pay off faster, at least for us.

Post # 7
1370 posts
Bumble bee
  • Wedding: July 2011

I’m paying my own student debt – Darling Husband doesn’t have any debt. He pays more toward bills and mortgage (he makes more more money too) so I can make my payments.

Post # 8
2143 posts
Buzzing bee
  • Wedding: October 2015

We both have some, but mine is a lot less, and I’ll be helping him pay it off. I wouldn’t sacrifice having emergency funds to do so, but I see it as helping us both financially since he’ll be paying less interest in the long run, and either of us having more money to spare benefits both of us.

Post # 9
3277 posts
Sugar bee
  • Wedding: June 2014

We don’t have any debt from undergrad but Fiance (then DH) will be paying for my grad school whatever isn’t covered. I think after you’re married and combine finances you could put more towards the loans. 

Post # 10
2457 posts
Buzzing bee
  • Wedding: September 2012

I am the only one who pays towards my loans (between $750-$900/month), but Darling Husband picks up the extra stuff elsewhere. He pays for some of the extra bills and gas.

Post # 11
6597 posts
Bee Keeper
  • Wedding: August 2010

Our money is OUR money it is 100% combined, so yes in theory both our money pays my school debt, but we think of it as our money paying off my school debt that resulted in me getting the job that provides 2/3rds of our income!


Post # 12
727 posts
Busy bee
  • Wedding: June 2013

@rawrrawr:  We each paid our own.  They’re done now.

I would suggest finding out what the interest rate is on his student loan, and also what interest you are earning by saving.  I think having some savings set aside just in case is a good idea, but if he’s paying out the nose in interest it might be wise to help him.

You could also put some towards savings, and some towards his loan.  Then you won’t be totally cash strapped in case you need money, but you can still help him pay his down.

Also, this isn’t really related but can you increase the frequency of his payments (say, from monthly to biweekly)?  It helps pay it down much faster.

Post # 13
887 posts
Busy bee
  • Wedding: July 2009

@rawrrawr:  Yes.  We just use “our” money to pay every bill, including my student loan from going to law school.  We just look at it as another bill.

Post # 14
4605 posts
Honey bee
  • Wedding: March 2014

FH and I have talked about how we are going to handle my student loan debt because I’m the only one that has any. Mine is not a huge amount, only $15,000, so I said that I would be in charge of those payments. It’s not a big deal. After we get married, if FH wants to help out he can, but unless he actually says “SouthernGirl, I want to help you pay for your student loans” I’ll be taking care of that expense. 

Post # 15
107 posts
Blushing bee
  • Wedding: November 2014

@rawrrawr:  Ah, the age ol’ question of savings vs. paying down debt. It really comes down to a matter of how risk-aversive you and your Fiance are, e.g., Would you be more comfortable knowing that you have a nice little nest egg to fall back on? Also, there are amortization calculators out there were you can calculate how much interest you’d be paying if you contributed $X vs. $Y. That might be helpful for you to decide whether it’s really worth paying extra in the long run.

Also, a majority of the advice I’ve gotten recommended that you save until you have $ to cover at least 2-3 months’ worth of expenses (some say up to 6 months) before you start contributing extra towards loans, savings, investments, etc. 

Lastly, I’m the one with student loans in our relationship but I’m not going to have my Fiance contribute anything, even though all our bills are split equally between us. I kind of like knowing that I managed to do it all on my own. But that’s just me 🙂

Post # 16
3569 posts
Sugar bee
  • Wedding: April 2013

Yes techinally, I had a little student debt left and Fi just told me to take money I would have put in the wedding fund along with a large cash gift my Dad gave me. He end up paying for about 70 percent of our wedding so I could afford to pay it off.

I think student debt affects so many aspects of things you guys will do as a couple like buying a house, that it may be well worth it for you to contribute. 

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