Student debt has received significant media attention in recent months due to the political debate over student loan forgiveness. More than 40 million Americans owe student debt, which is about 13 percent of the United States population. Together, they owe about $1.60 million in federal student loans, which breaks down to about $55,347 for the average American household.
It is common for married people to have student loans. But what happens to those loans in a divorce? Is it divided like other debts?
To understand what happens to student debt in an Illinois divorce, it is first important to understand marital debt. Keep in mind that the best way to find out what will happen to your student loans in a divorce is to ask an Illinois debt division attorney.
What Is Marital Debt?
Financial obligations that belong to both spouses are called marital debt. For something to qualify as marital debt, it must satisfy the following criteria: