President Biden on Tuesday signed a bill allowing couples who combined their student loans when they were married to separate the debt, opening up the possibility for some of these borrowers to have part of their debt forgiven.
each owed into two separate federal direct loans that will have the same interest rates as the joint consolidation loan.
Borrowers must apply through the Education Department, which requires both parties to approve the separation. But those who show evidence that they have experienced domestic violence, economic abuse, or have an unresponsive partner, are able to apply themselves. “For far too long, these Spousal Consolidation Loans have locked spouses together financially even in the case of domestic abuse or divorce,” said Persis Yu, executive director of the Student Borrower Protection Center.
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President Biden signs bill allowing divorced couples to sever joint consolidation student loansPresident Biden on Tuesday signed a bill allowing couples who combined their student loans when they were married to separate the debt, opening up the possibility for some of these borrowers to have part of their debt forgiven.
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