Source: CNBC
The large portion of student loan borrowers – almost 75 percent – don’t know what happens with their student loans if they die.
According to a survey of 400 students, most of them don’t know and haven’t planned in case there is a death by the borrower or co-signer (if there is one). In the case that the loan is a federal student loan and solely signed by the student, then the debt would be wiped out, according to CNBC.
But having a loan from a private lender is vastly different. Depending on the company, the fine print on what happens with the loan will vary. Experts urge student borrowers to check with each company before signing and be prepared for any scenario.
Read Full Story: CNBC