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A California couple is speaking out after they say their finances have been devastated over their daughter’s student loan debt, which they are being forced to repay after the woman died unexpectedly four years ago.
Steve and Darnelle Mason’s 27-year-old daughter Lisa died suddenly from a liver disease, leaving behind three children.
"Mason said he believes private student loans should be regulated the same as federal student loans, and should be able to be forgiven if the borrower dies. He also said he believes student loans should be able to be discharged in bankruptcy, like other types of debt."
Why am I not surprised by this! Hopefully, they are receiving SSI/death benefits for the children to pay for the loans. He needed to say WE not she signed the loans....not sympathic since she could have gone to community college for her degree. Over a hundred grand, for real?
A California couple is speaking out after they say their finances have been devastated over their daughter’s student loan debt, which they are being forced to repay after the woman died unexpectedly four years ago.
Steve and Darnelle Mason’s 27-year-old daughter Lisa died suddenly from a liver disease, leaving behind three children.
Steve Mason said he and his wife, who had co-signed the loans, were contacted immediately after his daughter’s death and were told they must start making payments.
“We knew if she didn’t pay her debt we would be responsible by co-signing, but we didn’t know that if she died the debt would fall to us,” he said.
I don't know for sure about private student loans, but with other types of loans (car and house) the insurance that forgives the loan if the person dies is usually offered. Otherwise, of course the cosigner is responsible. This is their own fault.
Only because these are private loans. Government-subsidized student loans ARE forgiven if the student dies.
Sooo... PLUS loans are forgiven. Private loans are not.
This is something people should know before they co-sign student loans.
Which makes me wonder if there were more loans she had that WERE forgiven.
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