The debt is thrown out as if it never existed, it does not under any circumstances get passed on to any relatives or significant others. I have never heard of any lender that would walk away from a legal debt. Unless the federal rules allow for a write of of the debt, then the estate [if there is one] would be held liable for repayment of the debt. I agree with answer 1 in that the debt will not pass to relatives or a significant other, UNLESS one of those persons was a co-signer on the loan.
Federal student loans have no statute of limitation, meaning they can collect forever. The can garnish your wages without taking you to court, take your tax refund, and sue you in court for property and bank accounts. Student loans are also almost impossible to discharge in bankruptcy. There are people now who did not repay their student loans from the 1970s who are having their social security garnished. Not paying is a very bad idea.
The Student Loan People is an agency that specializes in student loans. They are located in Kentucky. They work with people getting student loans, collections and repayments of student loans.
Go to banks and they can show how to get direct student loans. Also consider searching the web for direct student loans, and ask trusted friends, colleagues, and family members about this direct student loans. good luck.
Personal loans should have a lower interest rate than student loans.
Yes, Wells Fargo offers student loans. You can compare rates of their student loans as well as other similar business student loan rates on their website.
Actually, that's not true - student loans are forgiven when the student dies.
Federal student loans do not currently have cosigners. Parents who take out federal PLUS loans for their kids often think they are a cosigner, when they are actually the sole borrower. All federal student loans are discharged if the student dies.
In most cases student loans include a clause that cover the event of the person's death, usually by having the loan written off completely. You should doublecheck the loan agreement for what happens if the person dies, just in case it unfortunately does occur.
According to www.studentaid.ed.gov/students/attachments/siteresources/RepayingYourStudentLoansEnglish2003_04.pdf Death of the student cancels Perkins loans, FFEL/Direct Loans. Stafford and Plus are included. Not sure about private loans.
If in case of death or total and permanent disability of the student Stafford Loans are completely forgiven.
In the United States, if a student dies with outstanding federal education loans, those loans are typically waved and the debt disappears. However, if the loans were through private institutions, the loans may or may not be waved depending upon the individual bank or credit union's rules.
I would assume the loan would cancel, and no one is to pay back anything since the student is diseased and is no longer in need of the money.
They are sold to another bank in the liquidation of assets.
The other signer is responsible.
Are student loans forgiven at age 60? Are student loans forgiven at age 60?
There are only a few companies that provide direct student loans. You can go to a bank and get student loans from there, or you can get Federal Loans from your school.
No! Probate Court or the student loan provider may look to some of the asets that your parent may have left behind to satisfy the student loan. But you cannot be made personally liable for your parent's studnet loans unless you co-signed for them.