Should I Take Out a Student Loan to Payoff My Wife’s Student Loans?

“Dear Steve,

My wife and I both finished our undergraduate degrees, I did not have any debt, while she accumulated quite a bit of debt. I am currently in dental school, and while I still do not have to take out loans for school, I have access to loans that have a lower interest rate than some of her private loans.

Does it make sense to take out a large enough student loan in order to pay off her student loans? The benefits I see are two fold: first off, with the exception of the federal loans she has, the new loans would have a lower interest rate. Secondly, working off of one income currently, we would really be struggling to pay the monthly loan payment, something that shouldn’t be a problem once I become a dentist.


Dear Zach,

I’m worried you might be talking about taking out private loans to pay off her debt. Private student loans are a trap and the worst type of student loan debt to have at the moment.

Private lenders offer no flexible or adjustable repayment options like federal loans offer at the moment.

If these are private loans, while the interest rate might be low, the risk is high if you have unexpected trouble paying in the future.

She might be able to lower her current federal loans through an income driven repayment program. That could give you the breathing room you need.

Please post your responses and follow-up messages to me on this in the comments section below.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

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