Woman Still Paying Ex-Husband's Student Loans 12 Years After Divorce
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Shannon Rowan divorced in 2010 but is still tied to $365k in student loans with her ex-husband due to a federal spousal consolidation loan program that no longer exists.
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A judge ordered Rowan to pay 18% of the balance but her ex, who was ordered to pay the rest, did not make consistent payments, causing interest to accumulate.
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Rowan's new husband had to take out Parent PLUS loans for their kids' college since Rowan can't get loans with her outstanding debt.
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The student loans have prevented Rowan from buying a car, getting a new credit card, and could put her inheritance at risk of garnishment.
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A new law was passed to allow spousal loan separation but implementation is delayed until at least late 2024, prolonging financial stress for Rowan and others in similar situations.