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View Diary: Being Poor is becoming a Criminal offense (Updated) (117 comments)

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  •  I read recently - although I cannot state that it (6+ / 0-)

    is true - that if a person with Student Loans dies, their parents can be held responsible for paying back the loan(s).

    No mention was made of whether or not the parents had to have signed as co-responsible party on the loans, hence my unwillingness to simply repeat the info.

    Anyone know the actual facts regarding this? I'd like to know for sure.

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    by Angie in WA State on Sat Jul 07, 2012 at 04:42:27 PM PDT

    [ Parent ]

    •  It depends on the kind of student loan it is. (9+ / 0-)

      The government cancels its loans if a student dies, but if parents co-sign on a private loan, yes, the parents may well be hounded to pay off the loan.

      Here's a story about that exact thing happening. Even worse, the loans have been sold and resold to the point where the father doesn't even know who owns them anymore:

      Grieving Father Struggles to Pay Dead Son's Student Loans

      Yeah, you can ask why anyone would go so heavily into debt to go to music school in the first place. But for this man to be hounded like this when he's already grieving the loss of his son...for the bill collectors to harass him with calls when legally they're supposed to go through his lawyer...and for him to not even know who holds the loan or how much is still owed on it...that's just wrong.

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