Not accounting related, but need some advice. I have $80k in debt including student loans etc. my partner offered to co-sign a loan with me,l to consolidate it all. We’re not married yet but plan to be in the next year. Any Pros and cons? I am 100% sure we’re going to be together for life.

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No downside for you. Only downside for them. No way you can be 100% sure you will be together for life. No matter how strongly you think that. Hopefully you are correct though

likesmart

I mean you can continue to choose each other. Even in tough times. In other words, you can choose to be together for life. So EY, yes you can…

Get married first!! Come on bro, you are okay with your partner co-signing a large loan for your benefit, and you haven’t even put a ring on it!? (just teasing)

Agree with everyone here, legally you’ll be better off if you’re married first. Go down to city call and get it done it takes less than 48 hrs and you can plan a larger event if you want later down the line.

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Impossible for internet strangers to say. Will your partner grow resentful or could it become something they bring up to make you uncomfortable? Will you feel guilty or act differently? Hopefully not but you know better than us

Anecdotally I took on some of my wife’s debt and were great. Hope you have the same

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I talked to my partner and she’s the one that brought the idea up so I’m hoping it might be a good thing to look into just so it makes them monthly payments easier. Thank you!

Get married, then do it.

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If you can’t pay, they’ll come after you both. Just saying. It will be hard to do things with bad credit. Perhaps you can both pay the loans instead so at least one of you is safe? That’s my suggestion.

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Wait to do it till married. More legal protections.

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I'm in the exact same situation with my student loans. My husband didn't take them on before we got married but he knew what he was getting into. I think it's sweet and I don't see any risks for you. Sounds like a good partner who is fully committed, so I wouldn't hesitate to take them up on it.

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A1 you’re missing the point- they aren’t married yet. It isn’t smart to intertwine finances like that prior to marriage.

If I was your partner's relative or friend I would strongly advise against them doing this. Co-signing a loan is foolish regardless if you are in a long-term committed relationship. Once you are married it makes sense to consolidate debt because you are joined financially. However, I have seen more and more couples having prenup agreements regarding debt so even that dynamic is shifting in culture.

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Are you guys in a state law partnership or LLC

Wait until you’re married. Yes, all the risk is on her, but you know it’s best for her (and you) to combine finances like that once you’re married.

Can you consolidate your debt without a co-signer? I would recommend trying that first. Otherwise, wait until you are married. Usually federal student loans already have the best terms, so I would not convert those to private loans unless you’re somehow saving a lot of interest, which seems unlikely.

Are your student loans federal loans? If so, I wouldn’t convert them.

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