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Do you have to go to uni to have a student loan?

What happens to a student loan if the student dies?

  • What happens if you go to uni and get a student loan then die after about a year of uni what happens to the loan? Will it disappear or will it have to be payed back by someone else?

  • Answer:

    Read the promissory note or the terms and conditions of the loan you took out. With some loans, the loan company can to put in a request for payment from the estate. If his/her estate can't pay it, they might come after you. You should not make any payments, or even agree to make any payments, until you are sure you have to repay the loan.

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That would be awful. I think the parent/legal guardian would be responsible to pay the loan back.. but maybe they would give a reduction of the credit due to the circumstances?

asteroid vs mars

There is actually a status code for this on the NSLDS website. If you look up a student's loans and under STATUS it says DD, it means defaulted and died. The executor of the dead person's estate would have to go through the lender's process to get the loan legally discharged due to death of the student in order to wipe the slate clean and these forms can be found , usually on your lender's website.

J.K.

Wow, good question. I'm not sure but, assuming the student is at least 21 by the time they graduate and have interest beginning to accumulate, my guess is the debt would be pardoned ...?

llulu_lemonn

That a horrible thing to think about, but i think the legal guardian of the student would have to pay it back not 100% sure.

Cookiemonster

Why are you worrying about this? Concentrate on getting through school, not dying.

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