Your Student Loan Debt
July 16th 2008 01:52
Student loans are with until one of two things happen: either you pay them off or you die. It is very difficult to get a student loan discharged due to bankruptcy. You would need to prove that you have an extreme hardship and couldn’t afford to live if you had to pay them.
There is a possibility that if you become terminally ill that you could get them discharged but it is a lengthy process that does require doctor’s proof on a regular basis for years. You are initially given a short term forbearance and once it is determined that you are not likely to recover you can get the debt discharged.
If you die, make sure that your family is aware that your student loan will be discharged. All they will need to do is contact the student loan servicing company with proof of your death. At least you can feel good about knowing that your student loans won’t cause your family grief at a time like that.
There is a possibility that if you become terminally ill that you could get them discharged but it is a lengthy process that does require doctor’s proof on a regular basis for years. You are initially given a short term forbearance and once it is determined that you are not likely to recover you can get the debt discharged.
If you die, make sure that your family is aware that your student loan will be discharged. All they will need to do is contact the student loan servicing company with proof of your death. At least you can feel good about knowing that your student loans won’t cause your family grief at a time like that.
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