Comments on: What Happens To Student Loans When You Die?

By: Robert Farrington

Robert Farrington — Tue, 31 Mar 2020 20:14:10 +0000

In reply to Curtis.

No, you won’t receive any refund. I’m actually impressed they are writing it off – that’s unusual. Most would make you continue to pay it off. So take that as a win.

By: Curtis

Curtis — Tue, 31 Mar 2020 17:27:43 +0000

My son had a Sallie Mae private loan, I am the cosigner, but he died and I have been told the balance will be written off. My question is, I had paid his loan up for a year to help him out before he died. Since his loan was paid up a year ahead of time and his loan was written off as of the date of his death, should I receive a refund of the balance paid ahead?

By: Robert Farrington

Robert Farrington — Fri, 27 Dec 2019 17:41:54 +0000

In reply to Ellen. Maybe, if you're in a community property state, your lender could see it as a shared loan and your husband may still be responsible.

By: Ellen

Ellen — Fri, 27 Dec 2019 02:04:48 +0000

I owe a large amount of money for my children’s educations on parents plus loans, I understand that if I die the loans will too. I was thinking of switching and consolidating to private student loans to help lower payments with lower interest rates, but I’m afraid my husband will be responsible for payments if I die. If I switch to private student loans that are only in my name, is anyone else responsible for them upon my death?

By: Robert Farrington

Robert Farrington — Wed, 11 Dec 2019 17:09:37 +0000

In reply to Mark Jordan. If you pass away, the original borrower, would still be liable for the debt. In the case of the cosigned private loan, your son would still have to pay it. The one that is in your name only (if private) would be owed by your estate if there is any money left or be forgiven if it's a Federal loan.