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Does a spouse have to repay student loans after the person with the loans dies?
Wiki User
∙ 16y ago
The student loan should be paid out of the estate of the deceased before it is distributed to the spouse. If there isn't enough to cover the debt, the spouse should not be held responsible for the balance, unless both people signed the loan.
Many people misunderstand who pays the outstanding debt. The surviving spouse does not pay the debt, but it comes out of the estate before distribution.
Wiki User
∙ 16y ago
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Do student loans automatically come with filing bankruptcy?
Federal Student loans cannot be discharged in bankruptcy. You must repay them.
What happens to a person who does not repay student loans?
Federal student loans have no statute of limitation, meaning they can collect forever. The can garnish your wages without taking you to court, take your tax refund, and sue you in court for property and bank accounts. Student loans are also almost impossible to discharge in bankruptcy. There are people now who did not repay their student loans from the 1970s who are having their social security garnished. Not paying is a very bad idea.
Can student credit cards be used to repay loans?
Whether or not a you can repay loans with a credit card depnds on the policies of you debtors. You can pay some student loans with a credit card, if you are in default. However private lenders are under no obligation to accept credit card payments.
Both your husband and you have student loans will you be responsible for his in a divorce?
Federally Guaranteed student loans are linked to the borrower by their social security number. Only the person listed on the loan by SS# is obligated to repay the loan, not spouses, parents, children, or anyone else.
Is there a standard length of time to repay student loans?
10 years. However, students with large loans can get longer repayment terms.
Does congress get intersts free loans?
An email presently in circulation states that dependents of members of congress do not have to repay student loans. Is this true?
Do you have to repay a federal student loan?
Everyone has to repay the federal student loans. However some people are eligible, dependent on the job that they get after graduation, to have loan forgiveness for a portion of their loan. In that case they will only have to repay the portion of the loan that is not forgiven.
Can student loans be used for things such as an apartment or a car if it is necessary to complete the education?
Your student loans are yours. You have to repay them later, so you do what you want to with them now. Yes, they are supposed to be for help in your education, but I am raising two kids and going to school only with my student loans. The only demand by the lenders is to payoff your loans on time, otherwise you can do anything with your loan as you want.
Taking out Loans for College ?
Many students are unable to afford college without a student loan of some sort. Student loans are necessary for a good majority of students that attend school. For the student that wants to attend college but does not have the financial means possible, student loans can open up a world of opportunity. If a student wants to know how to find some great student loans for college, then there are all sorts of resources he or she can consult. First off, a person will want to look for loans for college that have a good interest rate. It is a good idea for a student to apply for loans through the government. One of the smartest choices that a person can make is to apply for loans through the government. The government can truly be a great aid and rescue to any person that is applying for student loans. The government is here to help as many students go to school as possible. A student should never underestimate the government as a resource for disbursing student loans. The majority of students with loans receive all of their loans directly from the government. A student will likely pay for all of his or her tuition with loans from the government. Some people do not like this, while others do not really care. A student truly needs to be careful that he or she does not take out too many loans for college. Taking out too many loans for college can truly be risky for any student. When a student takes out too many loans for college, then he or she can end up in a tremendous amount of debt. A student may never be able to repay all of the loans that he or she takes out. It is never a good idea for a person to take on more debt than he or she can handle. If a person can not handle all of the debt that he or she faces, then this can be a very stressful situation. A person may end up having to declare bankruptcy as a result of having so much debt. It really is stressful for people.
Advice for Comparing Student Loans?
Comparing student loans before agreeing to one is a wise idea for everyone. After all, one loan may have a better interest rate than another one. The amount needed, the specific terms of the agreement, and the interest rate are all things to consider when looking at student loans. The following contains more information on comparing student loans. Comparing student loans is a worthwhile process for any student, but there are a few downsides involved. First, comparing student loans can be time consuming. There is a lot of research involved, questions to ask, and people to talk to. However, all of the steps in the process are necessary for a student to end up with the most reasonable loan. Also, comparing student loans can delay the start of a person's education. If a person isn't able to locate a student loan that is appropriate, then he or she may have to delay going to school for a semester, or however long it takes, in order to find a good loan. In terms of comparing student loans, the positives far outweigh the negatives. Comparing student loans allows a person to envision a plan of how to repay the loan. Also, by comparing loans a person is able to find the best interest rate instead of just settling for the first option. The sooner a person can begin comparing student loans, the more time he or she will have to give each loan proposal a fair evaluation. Not surprisingly, information on student loans can be found online. A student should take the time and get help in evaluating every loan. In addition, if a student has a particular school in mind, then he or she may want to visit the financial aid department there to inquire about the types of options available. If the person can't easily travel to the school, he or she could direct a letter to the financial aid department. If a person doesn't want to obtain a loan for school from a bank, there are always personal loans. Perhaps, a prospective student has a relative who is willing to invest in their education and future.
How do most students repay their loans?
With money.
Can co signing a car loan affect your chance to get a student loan?
Only your previous federal loan history affects your ability to get most federal student loans. For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision. Your potential lender may ask themself: "If this person had to repay the loan they cosigned on, and all the other debts on their credit report, plus the loan they are asking us to approve, could we expect them to repay based on what we know about their income and credit history?"
