“Dear Steve,
My ex-husband and I consolidated our student loans back in 2004. In our divorce in 2012, I am required to pay on the joint loans for 10 years then in reverts to him. He is currently paying individual loans of ours. He makes considerably more than I do (about $45,000/yr and I’m around $25,000/yr) and I am unable to make the payments. The loan is now with Sallie Mae for about $40,000. The judge also ordered that we both would be required to provide any information or documentation requested involved in paying the loan.
Would I be able to qualify for the Student Loan Forgiveness Act or the 10/10 Loan Repayment Plan? Would it go off the combined income or mine since I am ordered by the court to pay?
Marie”
Dear Marie,
I’m afraid you are still married through the loan. You see a divorce agreement is an understanding between you and your ex. It does not alter the relationship with you and your creditors.
If it was a joint loan before your divorce it is a joint loan after your divorce until the loan is paid off.
The loan may or may not be eligible for forgiveness. It really depends if this is a government guaranteed loan or not. For details on government programs for federal loans, see The Ultimate Guide to Dealing With Student Loans You Can’t Afford.
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