Monday, August 15, 2011

Getting married while in college (financial issues)?

Me and my fiance have been together 6 years and want to get married this summer. Our parents have agreed to pay for the wedding, but we are looking into how getting married will change our financial status. How will we get medical, eye, and dental insurance? Will we still be able to get school loans? Can our parents still cosign a loan if we aren't dependent on them? We each take out 20,000 a year in loans for school and we have 4 more years to go before he is a pharmacist and I am a mental health therapist. We dont want to get married and then find out we cant get loans or insurance and not be able to finish college. Any advice???
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Congratulations on your upcoming wedding! 1. Insurance: you have three options for insurance. Most people get it through their employer, but if neither of you have an employer that offers insurance, you'll have to take a different option. Some universities have programs for students, so check with your school. Other than that, you can just go see an insurance agent and buy private pay insurance. You can start with your car insurance agent, and if s/he doesn't sell health/eye/dental insurance, s/he can probably recommend somebody. 2. Yes, you can still apply for and qualify for student loans. However, you need to be careful and not take out a lot of loans for a career that isn't going to pay a lot. My husband works in the student loan industry, and he's had teachers making $28k a year calling because they can't pay off their $80k in student loans. Well, duh. If you're only going to be making $28k a year, you probably shouldn't take out that much in student loans. To be honest, it looks like the two of you are heading in that direction. If you're PLANNING on taking out $160,000 in the next four years -- on top of whatever loans you already have -- before either of you has a job, and your jobs are not going to pay six figures when you graduate (and they won't), you are setting yourself up for financial catastrophe. The sensible thing for the two of you to do is to work out another game plan. For example, your fiance can become a pharm tech after only three years of schooling and get a decent income after that. So you could go to school part time and work full time (perhaps as an aide in a psychiatric institution) until your fiance completes that much training. Then your fiance could go to work full time as a pharm tech and go to school part-time while you return to school full time to finish your degree. When you've graduated and acquired a job as a mental health therapist, your fiance can then return to school full-time to complete the full pharmacy degree unless he's already finished up. That's just one possible scenario. No matter what plan you implement, be aggressive in applying for scholarships and grants. 3. Depending on how the loan is written, your parents may or may not be able to co-sign a student loan for you.
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