3 Questions About Student Loans, Debts After Death, and Estate Planning

Your average college student with student loans will think about estate planning about as often as they think about joining the AARP. The reality is that most young people, and especially college students, rarely have to deal with any significant estate planning concern. Unfortunately, as the average amount of student loan debt continues to increase, more and more students worry about what might happen to them, and their families, should the student be unable to pay back their student loans. In situations where a student has died or become incapacitated, there are several issues about student loans you should understand. Who is responsible for paying back a student loan? The vast majority of college students acquire student loans through various federal government programs. In almost all situations, the students is solely legally responsible for paying the loan back. Government student loans do not require, for example, a student s parents to sign as cosigners. On the other hand, some
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