Government Student Loans

by Vicky
(Lake Wales, Florida US)

When I pass will by children be responsable for paying my government student loans?

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Jul 17, 2012
 Government Student Loans
by: Debtcollectionanswers

If you die owing Federal student loans, that debt will be discharged (erased) upon your death. If you owe private student loans however, the lenders are entitled to get repaid out of the assets in your estate (the assets you own), although the executor or administrator of your estate can ask the private lenders to discharge the unpaid loan debt because of your death. Whether they agree to a discharge is up to the lenders.

If there is not enough money in your estate to repay the private loans you may owe, none of your relatives are legally obligated to pay them -- not your children, your parents, and so on. There is one exception, however. If someone co-signed for any of the loans -- guaranteed that they would be repaid -- then he or she will be obligated to pay the balance that remains on the loans after the executor or administrator of your estate pays as much as possible on the debt using the assets in your estate.

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