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A semester abroad. The phrase conjures images of books discussed over a Parisian breakfast or Argentine Alfajores. As romantic as that sounds, before you pack your bags you’ll want to do some research in order to weigh the pros and cons of studying abroad.

There are many advantages of studying overseas. You may pick up a new language or become fluent in one you already know. You’ll be exposed to a different culture, and immersed in new-to-you art, music, literature, and food. Broaden your horizons now and who knows where you’ll end up in ten years.

But most of all—more than any cooking technique or phrase—you’ll learn how to take care of yourself. Even if you speak the language, your safety net abroad is much more limited than if you’re in school in the U.S. You’re likely navigating an entirely new social system. That kind of chutzpah may come in handy later on in life.

One factor to think about when considering the pros and cons of studying abroad is how connected the program is to your university. If none of your study abroad classes will qualify for credit, it might not make sense financially.

Why not graduate a semester early and create your own study abroad program somewhere? You could create a travel itinerary all on your own, which may cost less than going on the abroad program through your school.

However, if you’ve already weighed the pros and cons of studying abroad, here are some tips regarding countries to consider, based on the languages you speak—or want to learn.

Spanish

If you speak or want to improve your Spanish, Latin America or South America are great options. Many students look at Mexico, Argentina, and Uruguay. One thing to consider is which dialect of Spanish you want to speak.

If you’re planning on using your Spanish extensively, and want to live in the Americas, Mexico is a great option as over 100 million people live there. Additionally, a lot of Spanish language entertainment comes from Mexico, so the Mexican dialect is widely known.

On the other hand, Argentina and Uruguay can be a great place to study abroad, but they speak a different dialect of Spanish, Castellano. If you’re considering living in South America long term, it could be worth it to study in Argentina or Uruguay instead.

If you’re more interested in Europe, Spain boasts a great university network that hosts many Americans. Again, the dialect there is different from Latin American and some parts of Spain speak Castilian Spanish, so if you’re planning on living in the Americas, it might make more sense to study in Latin America.

French

For those studying French, France is the obvious choice. But if Europe is less your speed, consider African countries like the Senegal or Morocco. Both countries have great French language university systems and are study abroad destinations, so there will likely be other international students there.

Chinese

For Chinese speakers, China is also the obvious choice. If your school doesn’t have a program there, many American universities are opening up satellite campuses, so that could be a good way to get to Shanghai or Beijing.

Hong Kong is also a good option, although they speak Cantonese there, rather than Mandarin, which tends to be the Chinese dialect that most Americans study. In Singapore, however, they speak both Mandarin and English.

English Language-Based Study Abroad Programs

If you don’t speak any foreign languages, don’t despair. Many universities offer study abroad programs that are not language-based or don’t require knowledge of a language before you apply.

Some good destinations for only-English language speakers are Germany, Israel, and Hong Kong. There are also obviously programs in English-speaking countries like England, Ireland, New Zealand, and Australia.

Studying Abroad Pros and Cons

Studying abroad is ultimately a big decision—and every big decision calls for a good ol’ pro-con list (preferably on a yellow legal pad). So let’s talk through a high-level look at some of the pros and cons of studying abroad.

Some Pros of Studying Abroad

Starting off with the pros—what are the benefits of studying abroad?

Perhaps it’s cliché to point out that studying abroad will expand your horizons—but it really might. Immersing yourself in a completely new culture can be a life-changing experience, whether it proves that you’re actually a Francophile, or whether it ends up revealing that you’re a homebody at heart.

This is also a great opportunity to make new friends from around the world that you may have never had the chance to meet. Meeting new people in new places, while experiencing new things sounds like a great adventure!

On a more practical note, grad school admissions may look fondly upon those who have studied abroad. This might be an opportunity to gain valuable workplace skills and real-world experience stores, which may help during an interview process!

Beyond that, it might enable you to look at your coursework in a whole new light. Also, studying abroad could be one of the only times in your life that you get to spend an extended amount of time in another country, which is a compelling pro.

Some Cons of Studying Abroad

And for the rebuttal—what are the negatives of studying abroad?

Studying abroad has the glamour that staying on campus, to put it simply, doesn’t. A certain amount of FOMO over your friends study abroad adventures might be inevitable if you stay behind. However, what those friends might not be telling you is that studying abroad isn’t without its challenges.

Being in a new place—especially where you don’t speak the language—can feel isolating. It can also make it challenging to keep up with relationships back at school or with coursework necessary for graduation. Many degree programs require students to fulfill a certain number of credit hours, and studying abroad may make it more difficult to get everything done in the allotted time frame.

Of course, it might go without saying that the finances of studying abroad can also be a con. It could be costly to study abroad with certain programs. And it’s not just tuition dollars—cost-of-living could be higher in your chosen study abroad home than it is back at school. For example, off-campus housing in Pennsylvania could be significantly less expensive than off-campus housing in Paris.

Financing Your Study Abroad Experience

You may be able to receive federal aid for your study abroad program. There is eligibility criteria , of course, and you’ll need to fill out your annual FAFSA® form as per usual, but the government recommends filling it out as soon as possible, since you’ll need to make sure it applies for both your American school and your program abroad.

There are also a number of study abroad scholarships and grants available to American students. For more information, you can check out this list as a starting point of your research.

After exhausting all of those options, you may also consider taking out a loan with a private lender. Private student loans from SoFi offer flexible repayment options and absolutely no fees. Get a low-rate in-school loan that works for you, so you can focus on your studies—both at home and abroad.

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SOSL18230

A fundamental question people ask when it comes to life insurance is, “Why buy life insurance?” Well, here’s an interesting fact—one in three families have admitted that if something happened to their family breadwinner, they would face a financial crisis within a month.* Getting prepared can be easier than you might think.

These six pointers below can help you understand:

•  What life insurance is

•  What life insurance can provide

•  Potential benefits of term life insurance

•  How life insurance works

•  When life insurance may be necessary

•  What types of life insurance might work best.

1. Life Insurance Is Financial Support for the People You Care About

Just as car insurance pays you in the event of an accident, injury, or damage to your car, life insurance provides financial support for the people you care about in the event of your death. Partners, children, and even elderly parents who depend on you financially will likely need some kind of safety net. Life insurance can provide you with the peace of mind that they have that financial support should you pass away.

Here’s something else to consider: Debt doesn’t disappear after death. If you own any type of debt (for example, student loans or a mortgage), that debt obligation may transfer over to your estate in the event of your death, which may impact your beneficiaries financially. Life insurance can be a helpful financial safety net for them.

2. Life Insurance Can Offer Financial Security

Typically, a life insurance contract (also referred to as a “policy”) will have the people you care about designated as “beneficiaries”—those you choose will receive a payout in the event of your death. This payout is generally a lump sum of money, which is usually paid in full, and tax free .

Payouts can be used by beneficiaries in a number of ways. The money can keep family members in their communities by going towards living costs like rent or mortgage payments.

Payouts can also help cover child care or domestic help, college costs, and other major expenses. In some cases, payouts are used for estate taxes that families must pay in order to inherit assets, or to settle unpaid medical bills, taxes, or debt.

The cost of the policy to you (the “premium”) is usually a much, much smaller amount than the payout. (You can enter your basic information here to get a rough estimate of how much you would pay in premiums versus your coverage amount (the payout your beneficiaries would receive).

3. Term Life Insurance Can Be Simpler and More Affordable

There are two main categories of life insurance—term life and permanent life. Term life provides coverage for a set period of time (referred to as the “term” or “policy duration”), whereas permanent life insurance covers you for your whole life.

The most well-known types of permanent life insurance are whole life and universal life policies. These types of policies often have an investment component , are more complex, and are usually more expensive than term life policies.

Term life insurance policies only provide life insurance coverage for a set period of time that you choose when you apply for the policy (typically 10-30 years ). Since they have no investment component, they are typically much simpler to understand, and are usually far more affordable. The fixed lower monthly payments and straightforward structure make it the most affordable life insurance option.

4. The Amount of Life Insurance You Need Depends On You

You should always consider your unique financial situation when deciding on life insurance needs.

Talk to your significant other (if you have one) about it, too. Each of you should have a clear idea of who would need what. Remember, budgeting appropriately for the financial support required by a surviving spouse or partner is important.

5. Buying Life Insurance—Sooner Than Later—Can Save Money

Here’s the good news—being young and healthy generally puts you at lower risk, which usually means lower monthly payments. This is because, broadly, life insurance is priced according to your overall health and how old you are when you buy it, so, if you are in good health and the younger you are, the less it should cost, generally.

With some term life insurance, you are also “locking in” your price when it is purchased. Term life insurance from Ladder for example, guarantees that monthly payments remain constant and never increase throughout the term of your policy—which can be a smart move for the long haul.

No matter what your status in life may be, you may decide you’d like a life insurance policy that can also be flexible, if that is something that is important to you. People often ask, “Can I change my life insurance?” The answer is yes, if you have the option with your insurance provider.

At Ladder, it’s easy to change your coverage when your life circumstances change. For example, some people apply to increase their coverage after having children, while others decrease theirs when they pay off a part of their debt (like a mortgage) or have children who have become financially independent and no longer need as much coverage.

Taking control of your policy can be very valuable. That’s why Ladder lets customers easily adjust their coverage down when they need less, or apply for more, when life changes. It’s a smart, convenient feature that can work for you, too.

6. Employer-Based Life Insurance May Not Be Enough

Many people are surprised to learn that life insurance offered through employers may only provide a small fixed amount, or just one-to-two times the employee’s salary. That’s usually not enough to provide sustained financial support for loved ones.

Depending on your situation, it might be a good idea to take out a second policy to ensure full family protection. Also, be sure to check for portability of any life insurance offered through the workplace. Portability gives you the option to continue your coverage after leaving the job.

Ready to Consider Your Life Insurance Options?

Now that you’ve got the basics, let’s examine your life insurance options. In three simple steps, you can apply for the life insurance you need without a hassle.

1. Understanding How Much Coverage Is Necessary

Use this free calculator to estimate how much coverage you might need by answering a few questions. In seconds, you’ll see how cost-effective life insurance can be. (Just click “Calculate My Needs”.)

2. Getting Started

Once you’ve finished using the free calculator, you’ll be prompted to get your free, no-obligation estimate from Ladder, see if you qualify for an offer, and instantly find out how much you can expect to pay each month for life insurance coverage, if qualified. No emails or phone calls required.

3. Getting Covered

With Ladder, you can apply for coverage in less than five minutes and get an instant decision. If you accept an offer, your coverage can begin immediately. You can cancel at any time—no obligations and no questions asked.

You can also adjust your coverage at any point—apply to increase or decrease at the touch of a button. When life changes, your policy can change with it.

*“2018 Insurance Barometer Study, Life Happens and LIMRA”
https://lifehappens.org/blog/2018-barometer-study/ or
https://www.limra.com/research/abstracts_public/2018/2018_insurance_barometer.aspx
This content is brought to you by our friends at Ladder Insurance Services. That means all opinions expressed in this content are those of the author and not necessarily held by SoFi—and are for purely educational purposes only. Nothing herein is intended to provide financial or legal advice.

Coverage and pricing is subject to eligibility and underwriting criteria.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.
Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, SoFi Technologies, Inc. (SoFi) and SoFi Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under LadderlifeTM policies. SoFi is compensated by Ladder for each issued term life policy.
Ladder offers coverage to people who are between the ages of 20 and 60 as of their nearest birthday. Your current age plus the term length cannot exceed 70 years.
All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.

SOLI18102

You’ve worked very hard to become an exceptional dentist. Through your intense focus in dental school and a relentless dedication to expertise, you now feel ready to take the next giant step toward building your future­—striking out on your own and buying a dental practice.

There are a lot of big questions you need to ask yourself to ensure you are creating the best possible circumstances for success in your new endeavor. Each decision can bear tremendous influence on your future success, your earning potential, and, probably most important, the impact on your overall job satisfaction and quality of life. Are you ready for the challenge? Let’s dig in to the details to help make sure you know what you want to know.

Buying a Dental Practice

When considering how to buy a dental practice, there could be a number of scenarios that would characterize your circumstances. Have you just graduated or are you about to graduate from dental school? Have you worked as an associate for a time and now feel ready to make the big move? Maybe you’re looking to add to your existing practice by buying a second business. Each situation requires a somewhat different approach.

The first decision is usually whether to start a new practice from scratch or to purchase an existing business from another dentist, possibly one nearing retirement. A brand new office with shiny new equipment, just as you’ve always imagined, might sound very appealing, but there could be disadvantages.

Such an investment could cost you a lot more across the board, including hefty loan payments and business expenses right from the start, few patients, limited cash flow, and slower progress growing the business.

An ongoing practice will likely already have equipment and a business infrastructure, a base of paying customers, and a foundation to build upon. To that end, we’ve compiled some essential questions you can ask before buying an ongoing practice.

Questions to Ask When Buying a Dental Practice

When considering buying a dental practice, you might feel compelled to draw upon your best entrepreneurial instincts. And it can also help if you align yourself with experienced professionals who know the ins and outs of purchasing an ongoing practice. They can guide you through the labyrinth of questions and decisions you’ll be facing. You may want to interview several dental practice transition agents to get an understanding of how their methodologies compare.

On a personal level, you’ll want to define the fundamentals of what your vision for a practice should be. What areas of dentistry do you want to focus on? What locations would be best suited to your customer base?

What overall philosophy embodies the values and standards that you aspire to? It could be helpful to write down these principles as a guide to refer back to throughout this process. You might prepare to pace yourself and to take a thorough and patient approach rather than rushing into decisions.

Once you’ve refined a mission as a guide and determined ideal target areas where you would want to be located, you could develop a personal budget for your living expenses, plus any student loans or other major obligations, to help gauge how much income you’ll need to generate from your new situation. Once you’ve identified a practice that you are interested in buying, you’ll also probably want to work out the costs required to maintain that particular business.

Buying a Dental Practice Checklist

Working with a buying agent can help you prioritize the due diligence necessary to make an informed decision. Here is a checklist of some questions to consider asking when buying a dental practice, and some potential issues you might want to understand in order to make an informed decision.

•  Start with getting some insight into the history of the practice and why the dentist is really selling it. Are they simply retiring or are there other driving factors?

•  Determine how many active patients the selling dentist actually has and what are the demographics (age and ZIP code) for the patients, how many of them are new, and how many of them are insurance patients.

•  Review the practice’s fee schedule and consider how the fees compare to industry standards, the competition, and insurance reimbursements.

•  Obtain a practice valuation prepared by a qualified professional (certified valuation analyst).

•  Ascertain the age and condition of the equipment, the software systems, and premises.

•  Review any and all leases and/or real estate valuations and determine benefits or obstacles for renewals, as well as the possibility to expand the space at some point in the future.

•  Review the performance of the staff and the staffing model and identify what team members will be the strongest practitioners to join your new venture.

•  Conduct a thorough review of the hygiene appointments per month and average monthly revenue, as well as the doctor’s and hygienists’ schedules.

•  Develop a thoughtful and comprehensive plan for transitioning. Keep the patient experience front of mind as you introduce changes. How involved will the selling dentist be in helping ensure a smooth and optimum changeover with staff and patients?

•  Consider what opportunities there will be to improve the efficiency of the practice—staff productivity, billing, processing, etc.

•  Evaluate what ongoing marketing efforts exist and develop a plan and a budget for going forward.

•  Connect with dental supply companies, healthcare-focused accounts, and a small business banking specialist to gain additional insights for your practice.

You may also want to enlist an experienced accountant and attorney to help you sift through the layers of financial information related to the business you are hoping to purchase.

Among other things, the accountant will likely want to review several years of business tax returns, the cash flow model, and aged accounts receivables for gauging the competence of the collection policies, collection reports, and procedures. The lawyer can help with evaluating associate agreements, equipment and building lease agreements, or real estate appraisals and the potential for purchase.

It could also be a good idea to take note if a selling dentist pushes you to use a particular professional resource—that could be a potential red flag.

While this is a fairly extensive tips list, things are likely to come into focus once you’ve found a selling dentist with whom you connect.

Your membership in professional organizations such as the American Dental Association or the Academy of General Dentistry can provide extensive additional information regarding specifics related to buying a dental practice.

Getting Your Finances in Order

Finally, you’ll likely want to make sure that you have a reasonable handle on your finances going forward. That may include reviewing your dental school loans and making sure that they are as manageable as possible as you enter this new chapter of your career. Refinancing student loans through SoFi could lower your interest rate or potentially save you thousands of dollars.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

Joining the Peace Corps after college or grad school is a noble way to start your career. Volunteers in the government program deploy to more than 60 countries around the world for two-year stints of public service.

That can mean anything from teaching secondary school, to working with farmers, to promoting health awareness. If you’re considering following this path, you’d be joining more than 230,000 American adults who have served since the program was founded almost sixty years ago.

But if you’re like most students these days, you might be graduating with a significant amount of educational debt. Today, 70% of undergraduates finish school with debt, with the average borrower owing more than $37,000, and that’s before interest adds up over the years.

Committing to the Peace Corps, which pays only a local living allowance while you’re enrolled, can be daunting when you’re facing that burden. You may be wondering whether the Peace Corps will even allow you to join with a heavy debt load.

The answer is yes—he Peace Corps and student loans can go together. You’re still responsible for your loans if you become a volunteer, but you could be eligible for additional benefits as a result of your service that can make paying them off easier. If you’re seriously thinking about the Peace Corps, here’s what you need to know about managing your debt during and after your time abroad.

Options for Reducing Loan Payments During Your Service

If you join the Peace Corps right after school, you may not have to start repaying your loans immediately. That’s because anyone who has certain federal loans (Direct Loans and Stafford Loans) gets a six-month grace period before payments are due, although interest will might start accruing.

You don’t qualify for a grace period if you have a PLUS Loan, and with Federal Perkins Loan, you’ll have to check with the school that issued it. If you were enlisted in active duty military service, the grace period can be extended for up to three years. However, that doesn’t apply to the Peace Corps.

Still, like the military, the Peace Corps is considered a form of government service. As a result, if you have federal loans, you may be eligible for certain options to pause or reduce your payments while you’re a volunteer.

First, as a Peace Corps member you may qualify for deferment . This allows you to stop making payments, or reduce the amount you pay, during the time you’re in the field, for up to three years.

During deferment, you are not responsible for paying interest that builds up if you have certain kinds of loans, including Direct Subsidized Loans, Subsidized Federal Stafford Loans, or Perkins Loans. You are responsible for interest, however, if you have unsubsidized federal loans or Direct PLUS loans.

Note that your deferment will not automatically kick in when you join the Peace Corps—you’ll need to submit an application and documentation to your loan servicer.

Your loan servicer may also have you re-apply for deferment after a year, so make sure you turn in the necessary paperwork. If you’re still in the six-month grace period for any of your loans, ask your lender about the right time to apply for deferment.

Another way to reduce your monthly payment on federal loans is to apply for an income-based repayment plan . The government offers four repayment plans designed to make payments affordable if you’re on a limited income. These plans tie how much you pay every month to how much you make, limiting your outlays to between 10% and 20% of your discretionary income.

The specific plan you qualify for depends on the types of loans you have and when you borrowed. If you stick with the plan when you get back, your balance may be forgiven if you continue making minimum payments for 20 or 25 years, depending on the plan.

If you have private loans, there’s no guarantee that you’ll be able to pause or reduce those payments. But some private lenders do offer flexibility during periods of economic hardship, so approach yours to ask whether they can offer you any options while you’re a volunteer.

How You Can Get Your Loan Partially Cancelled

If you have a federal Perkins Loan, you may qualify for another perk thanks to your Peace Corps service: partial cancellation .

You can get 15% of your loan canceled after your first year of service and another 15% after your second year, then 20% after your third and fourth years, respectively. That adds up to having 70% of your loan canceled after four years!

This also includes the interest that accumulated during that time. All borrowers who have Perkins Loans are eligible, regardless of when you took the loan out, but only service completed after Oct. 7, 1998, qualifies. This benefit can make it easier to sign up for the Peace Corps with student loans, but keep in mind that other types of loans aren’t eligible.

The Peace Corps and Public Service Loan Forgiveness

Since the Peace Corps is clearly a way of doing good in the world, it shouldn’t be too surprising that as a volunteer you may be eligible for Public Service Loan Forgiveness.

Under the program, if you make payments for 10 years on your loans under a qualifying income-based repayment plan, you may be able to have the balance on your loans forgiven.

Because you have to make 120 monthly payments to qualify, you would only be eligible if you continue in a public service job full-time at some point after leaving the Peace Corps. Other qualifying fields include government organizations, 501(c)(3) nonprofits, public service agencies such as libraries and police departments, and more.

The payments don’t have to be consecutive, meaning you may qualify if you go back to public service after a few years doing something else. Note that this program applies only to Federal Direct Loans, but not Perkins Loans or loans under the Federal Family Education Loan (FFEL) Program. If you’re hoping to qualify for this, complete an Employment Certification form every year, starting with your time in the Peace Corps, or when you switch jobs.

When you look into options for student loan forgiveness, beware of the scams out there, some of which target young graduates like you. One prominent example is the Obama Student Loan Forgiveness Plan, which doesn’t exist but sometimes lures borrowers to pay fees for paperwork they could’ve completed themselves or for nothing at all. Stick with the forgiveness options offered directly through the Department of Education .

How Student Loan Refinancing Can Help

If you’re looking for other ways to make payments more affordable while you’re in the Peace Corps, or after you leave, consider refinancing your student loans. You can refinance federal loans, private loans, or both.

When you do so, you take out a new loan from a private lender to pay off your existing loans, which might make sense if you qualify for a better interest rate or lower monthly payments than you previously had. A loan refinancer will take a look at your personal information, income, credit history, and other factors when deciding what terms and interest rates to offer you.

Fixed rates will stay the same for the term of your loan, while variable rates will shift over time. Keep in mind that refinancing federal loans will mean you have to give up government benefits like deferment, partial cancellation, income-based repayment, and Public Service Loan Forgiveness. But for some people, refinancing can be a great way to make student debt manageable while you’re a volunteer and for the ensuing years.

Don’t Let Student Loans Stop You from Following Your Dreams

If your goal after college or grad school is to join the Peace Corps, or engage in any public service for that matter, your student debt doesn’t have to be an obstacle . With federal loans, there are options for delaying or reducing payments or getting part of your debt canceled or forgiven.

And regardless of what kinds of loans you have, refinancing can be a way to make payments more affordable. Plus, when your two years of service are complete, you’ll get $8,000 from the Peace Corps that you can put toward your loans if you want to. Coming up with a plan to pay your loans is important, but that doesn’t have to come at the expense of making a difference.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

Getting married is a momentous occasion—you’re choosing to legally commit to your partner in sickness and in health. And that’s something to celebrate. But before you say “I do,” it is important to understand how your student loan obligations might change after your big day.

After all, you’re ready to share your life, but do you have to share your student loans? Here are five things to know about student loans and marriage.

Open and Honest Communication is Key

Let’s be real for a second: money is stressful. In fact, money is one of the most common topics of relationship stress. Whether you’re arguing about high student loan payments or how much you want to spend on eating out every month, money can cause relationship problems.

There is good news, though: couples who talk openly about money daily or weekly are more likely to have strong marriages. That means that learning how to talk about money before you get married is one great way to create a strong relationship from the get-go, especially if you’re marrying someone with student loan debt, or have student loan debt yourself.

In addition to figuring out your money and budgeting style, it can be helpful to hash out the basics before your marital bliss is interrupted by your next student loan bill. For starters, it may be helpful to discuss exactly how much each of you owe on your student loans. It is important that you both understand exactly how much is owed so you can plan for repayment together.

Once you’ve got the hard numbers down, it may also be helpful to share what type of current student loan repayment plan you are on, and what your repayment priorities are. After all, if your partner wants to pay off their law school debt right away but you’re happy on an income-driven repayment plan as a school teacher, it is important that you have a plan for navigating potential disagreements.

While every relationship is different, all relationships will require decision-making about money. Learning to talk about money now can help set you up for success down the road.

Who is Responsible For Repayment?

You’re not automatically on the hook for your spouse’s loans. If you or your spouse took our student loans prior to your marriage, you likely won’t be responsible for those loans if your spouse stops paying.

Of course, if you or your spouse takes on new loans while you’re married and you live in a community property state, you may end up responsible for a portion of that debt.

The law is complicated, so if you’re worried about dividing up your assets before you get married, it is always good to talk to a lawyer. Many young couples are even now considering pre-nups to protect themselves and set up expectations in advance.

Will My Monthly Payments Change?

So then when it comes to student loans, marriage doesn’t change anything? Not so fast. One often-overlooked aspect of marriage is that it can change your income—and this matters for many reasons, including determining your monthly income-driven loan payments.

For example, if you’re on a repayment plan that uses your household income to determine your monthly payment, and are married and filing jointly, your lender will take into account both you and your spouse’s income, which could lead to higher monthly payments.

Likewise, you may miss out on the student loan interest deduction when it comes time to file your taxes. P.S., talking to an accountant or tax attorney when when it comes to all things taxes and student loans could be a smart idea. When in doubt, definitely speak with a licensed professional.

Thinking About Refinancing Your Loans with Your Spouse

Just because your student debt doesn’t automatically become a joint obligation the moment you say “I do” doesn’t mean you can’t combine your debt and focus on paying it off together.

Many couples choose to combine their student loan debt through refinancing so they can pay off one bill together, rather than juggling multiple debt payments.

Student loan debt and marriage can be stressful, and student loan refinancing allows you to combine multiple loans into one (potentially with a lower interest rate).

Of course, refinancing isn’t for everyone. If you or your spouse is planning on taking advantage of income-driven repayment or other federal repayment programs, joint refinancing with a private company could make you ineligible.

It’s important to start your marriage off on a strong foot by making sure that you and your partner can talk honestly about money. Together, you can navigate anything—including student loan debt.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

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