New bill to help ex-spouses with debt, allow divorced partners to separate consolidated loans The bill is called the Joint Consolidation Loan Separation Act
ROANOKE, Va. – Ex-spouses will no longer be stuck with one another’s debts thanks to a new bill backed by Virginia Senator Mark Warner.
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The bill is called the Joint Consolidation Loan Separation Act.
Warner said the bill would provide relief to people who consolidated their loans with a partner, then later broke up and have been burdened with their ex-partner’s share of the debt.
“They are still barring the burden of a consolidated loan where their delinquent spouse doesn’t pay at all and the payer ends up having to pay for the combined student debt of both parties,” said Senator Warner.
The bill would allow the consolidated loan to be split into two for each person to pay their own share.
President Joe Biden is expected to sign the bill later this week.
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