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Student loans after death

As young Florida residents put together their estate plans, they may wonder what will happen to their student loans after they die. Regardless of the amount a person borrowed, it is important to understand what will happen to this debt after death.

Some people may think their family members will need to repay their student loans after they die. According to Federal Student Aid, people usually do not need to continue paying federal student loans once the student dies. Most of the time, a surviving family member has to submit documentation proving that the borrower has died. This documentation should usually be a death certificate and does not necessarily have to be the original document. People can also submit a photocopy or a certified copy. Once people submit the death certificate, the federal government typically discharges student loans. Sometimes a student's parents may take out a loan to help finance their child's education. If either the student or the parents die, then the government usually discharges this loan as well. 

However, it is important to remember that not all student loan debt will discharge after death. The Motley Fool says that if someone took out a loan from a private lender, then the surviving family members usually have to follow the lender's terms. Some lenders may ask family members to repay the debt out of the estate. Other lenders may forgive student loans after the student dies. If people have private student loans, it is a good idea to look into the policies of their lender. 

After students finish their education, they may consolidate their student loans to make it easier to pay them off. However, it is important to understand that this consolidation may affect what happens to loans after death. Sometimes a student may consolidate all of his or her debt without considering which loans are federal and which are private. In this situation, the government may not discharge student debt after death because the federal loans are now mixed with the private loans and considered one debt. If people want to consolidate their debt after school, they may want to consolidate their private and federal loans separately to ensure their federal debt gets discharged after their death.


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