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How to combine your student loan debt with your spouse’s

Explore your two main options to share the responsibility and potentially get a better deal.

When you share finances with your partner, it might seem like a no-brainer to merge your student debt. And if one of you has a higher income or credit score, it can often help you save on the monthly and total cost of your loans. But you’ll lose several benefits if you have federal loans since your only consolidation option is with a private lender.

How to consolidate your loans with your spouse

There are two main ways to combine your student debt with your spouse’s: consolidating your loans together or refinancing separately with the other as a cosigner. Both options involve private lenders, so you might want to think carefully about the federal benefits you might lose by refinancing.

Refinance together

Purefy offers a special deal for married couples through PenFed Credit Union. The Spouse Loan is the only refinancing offer that allows you to both move all of your debt into one loan with the same rate and term.

Who’s it best for?

It’s designed primarily for stay-at-home parents, though any married couple can apply.

Can I qualify?

Your application is based on the following factors:

  • Combined income. You both don’t need a salary to qualify.
  • Individual credit scores. One partner must have a credit score of at least 670 and the other must have a score of at least 700.
  • Highest degree. One of you must have a bachelor’s degree to qualify — though the higher your education level, the better.
  • Loan amount. You must have a combined loan balance between $7,500 and $300,000.
What’s the downside?

The main downside to this option is that few providers offer it — you might be out of luck if you don’t qualify with Purefy.

Go to Purefy's site

Refinance with your spouse as a cosigner

A more common way to share your debt load is to refinance both of your loans with the other as a cosigner. You’ll both be equally responsible for paying off the debt, and you could even get a better rate if one of you has higher credit score or income.

Who’s it best for?

This option is best when both partners have strong credit and are employed. Otherwise, you might have trouble meeting the requirements to qualify.

Can I qualify?

Refinancing companies tend to have the following requirements for borrowers:

  • 600+ borrower credit score
  • 700+ cosigner credit score
  • $5,000+ student debt load
  • Meet minimum income requirements for cosigner and borrower

Some companies also require you to be a graduate to qualify.

What’s the downside?

It’s not right for all couples. If you’re both recovering from a hit to your credit score or don’t have a high income, it might not get you a better deal.

Compare student loan refinancing offers

Name Product APR Min. Credit Score Loan amount Loan Term
Purefy Student Loan Refinancing (Variable Rate)
1.88% to 5.54%
$5,000 - $300,000
5 to 20 years
Refinance all types of student loans — including federal and parent PLUS loans.
Credible Student Loan Refinancing
1.80% to 7.74%
Good to excellent credit
Starting at $5,000
5 to 20 years
Get prequalified offers from top student loan refinancing providers in one place.
SoFi Student Loan Refinancing Variable Rate (with Autopay)
2.25% to 6.59%
Starting at $5,000
5 to 20 years
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
Splash Financial Student Loan Refinancing
1.89% to 6.66%
Starting at $7,500
5 to 25 years
Save on your student loans with this market-leading newcomer.
Education Loan Finance Student Loan Refinancing
2.39% to 6.01%
Starting at $15,000
5 to 20 years
Lower your student debt costs with manageable payments, affordable rates and flexible terms.
Earnest Student Loan Refinancing
1.88% to 5.64% APR with autopay
$5,000 - $500,000
5 to 20 years
Get a tailored interest rate and repayment plan with no hidden fees.
Supermoney student loan refinancing
Starting at 1.9%
No minimum credit score
$5,000 - $300,000
5 to 20 years
Compare options to combine both private and federal debts into one monthly payment.

Compare up to 4 providers

Do I even need to consolidate?

If the idea is to share the responsibility of your student loans with your spouse, there’s a chance you already do. In states that follow community property laws, you’re responsible for any debt your spouse took out after marriage, including student loans.

Community property states include:

  • Arizona
  • California
  • Idaho
  • Louisiana
  • New Mexico
  • Nevada
  • Texas
  • Washington
  • Wisconsin

Guam and Puerto Rico are also considered community property jurisdictions. How community property laws work in your state can differ. But generally, you don’t need to refinance to share the responsibility if one of you took out student loans after marriage.

When is consolidating the right move?

Consolidating your loans with your spouse’s might make sense in the following situations:

  • One of you is a stay-at-home parent. Consolidating with Purefy allows you to take advantage of the lower rates and more favorable terms of refinancing you otherwise couldn’t qualify for.
  • You both work, but one earns a lot more than the other. Lenders often consider the highest salary between a cosigner and borrower if you choose to consolidate or refinance together.
  • You both have good credit, but one has a higher credit score. Lenders tend to consider the highest credit score between the cosigner and borrower when you apply for refinancing — as long as you both meet the minimum requirements.
  • One of you has a graduate or professional degree. Some refinancing companies offer lower rates based on your level of education — especially if it’s a degree in a high-paying field like law or medicine.

When should I consider other options?

The main reason you might want to rethink refinancing? You’ll lose the benefits that come with federal loans, like flexible repayment plans and forgiveness options.

Here’s when sticking with your current loans or refinancing on your own makes more sense:

  • You’re considering forgiveness. Federal loans are eligible for more forgiveness options than private loans, such as the popular Public Service Loan Forgiveness (PSLF) Program.
  • You can benefit from income-driven or graduated repayments. Most refinancing partners are less flexible with repayment plans and only offer one option with the same fixed repayments each month.
  • Both of you work in low-paying fields. If neither of you meet the minimum income requirement — or just scrape by — you likely won’t qualify for a better deal, if at all.
  • One of you is thinking of a career change. You might be able to benefit from deferment or forbearance if you have federal loans and decide to go back to school or switch jobs.
  • Neither of you have strong credit. Your chances of qualifying for either option are pretty thin if one of you doesn’t have good to excellent credit.
  • You’re not comfortable sharing finances. Signing on to your partner’s debt as a cosigner means you’re responsible for repayments until the loan is paid down — even if you get divorced.

Bottom line

The most common way to share the responsibility of your debt is to refinance with your spouse as a cosigner. But that’s not always the right option. If you both can’t meet the credit and income requirements, you won’t qualify. And you’ll lose out on the benefits that come with federal loans.

You can learn more about how this works and compare lenders with our guide to student loan refinancing.

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