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Thursday, March 19, 2015
Legislation Would Require Private Student Loans Be Forgiven If Borrower Dies
Shortly after the death of their daughter, a New York couple’s grief was interrupted by a battle with an entity they never imagined: her private student loan lender. Inheriting a dead child’s student loan debt is a problem too many parents have had to face, and one that a new piece of legislation aims to eliminate.
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6 comments:
So........force borrowers to take out term life insurance policies naming the insurance company as beneficiary?
12:10 Now, now... we can't have logic here. We must forgive their debt, so they don't cry.
Never co-sign for a loan. If the first person does not honor it for any reason, YOU ARE RESPONSIBLE for the debt. Doesn't matter what it's for.
7:35, would you want to be held responsible if it were the other way around, and you were responsible for your parent's debts when they died? I doubt it.
7:55 These parents weren't just handed their deceased daughter's debt. That is already illegal. They had cosigned for the loans. I feel bad for them but the same thing would have happened if it was a car loan.
It should die with the owner.
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