How Does Marriage Affect Each Other’s Financial Status?
Once married, everything you have ever acquired when you were still single will now be shared
with another person. This is an important aspect of marriage that some people tend to forget
considering, especially when it comes to finances which they usually find awkward to talk about.
Whether you accept it or not, marriage, will definitely affect your finances.
Whether you have acquired a loan or a financial aid for your education and whether you were
highly eligible for loans before you got into marriage, once you have tied the knot, this type of
debt will automatically be shouldered by you and your spouse. Being married can be a positive
thing, especially if your spouse is earning reasonably and maintains a good credit report and
score. With the positive background of your spouse, you might also find that your credit score
and credit report will increase. However, if your spouse has a bad credit history, even if you
have a good credit history, your spouse’s credit score will have a negative impact on it.
How Marriage Can Affect Your Financial Aid
The Bad News
Marriage will affect your finances regardless if whether your spouse is earning really well or not.
If he is earning well, then you get the benefit of having an increased credit score. However, if he
is not, then he might pull you down and decrease your score. These things should be discussed
and dealt with before marriage to avoid having discords regarding the matter.
The Good News
If you were totally dependent on your parents for your financial aid and could not apply for
FAFSA, being married will give you the chance to do so because getting married means that
you are now independent. However, do not ever forget to do a credit check of your credit score
as this will be the prime consideration of financial institutions. This will be their basis of giving
you a loan or not.
More Thoughts and Considerations
1. If you get married after filing for the loan which you marked as single, the status cannot
be changed until the financial year ends.
2. A lifestyle change after getting married such as increased costs of living will not be
covered in the financial aid.
3. Because you are married, you will not be able choose among the campus housing.
Additionally, if you get the facility for a housing couple, expect that the charges are
higher because the number of people you are living with decreased.
Grants for Married Students or Couples
There are many grants offered by federal government that married students or couples could
consider provided that they check their credit scores to see if they qualify. These are:
1. Federal Pell Grant
2. Federal Supplemental Educational Opportunity Grant
3. Academic Competitiveness Grant (ACG)
4. National Science and Mathematics Access to Retain Talent Grant (SMART Grant)
Aside from the support groups provided by the government, there are private scholarships,
fellowships and exceptions offered by colleges and universities as well.
Joy is an active blogger who shares extremely interesting finance management tips over the
web that encourages people to manage their personal finances & check credit report regularly.
Know more on how an ex-spouse can ruin your credit.