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gotta love terms of the loan

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Jeffcat

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well i felt like being random and sharing some bit of the humor i got while i was filling out a student loan term paper for osu this next year.

"21. Discharge (having your loan forgiven). We will discharge (forgive) your loan if:
  • You die, and the Direct Loan Servicing Center receives an original or certified copy of your death certificate. In exceptional circumstances, we may discharge your loan based on other reliable documentation of your death. "

they "MAY" discharge the loan if i die. well i guess that is one way of getting around loans. :biggrin:
 
ArtilleryBuck said:
If they don't discharge it, then somebody else will end up being responsible for it after your death.....I believe the same person who gets your assets after you die.
Click to expand...

Not true. BKB can explain better, but as I understand it... the only way that someone else would be responsible for your debt is if they too are on the loan (co signer, joint account, etc.). This goes for all debt. But like I said, BKB could explain better.
 
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AJHawkfan said:
Believe me, after paying $700+ every month for the past 10 years, there were a lot of times I wondered if death wasn't a better solution.

3 more months and I'm done though!
Click to expand...

yea i kinda feel the pain already. im taking out a $3500 loan this year at 6.8% then hopefully by next i will be on scholarship. i dont have a lot saved up and i am paying for half my tuition and rent/utilities/food/misc. as well so it should be interesting. not to mention food in the shoe is about 500% the regular price.:biggrin: but i am applying for a part time job at UPS which starts out at 8.50/hr then is raised to 9/hr after a 90 day probationary period and best of all they pay you $1500 every qtr you go to school so thats about $4500 annually for free right there. i plan on working at ups and the rpac both this summer. should prove interesting.

oh and i have a feeling that 1500 after fall qtr might be going towards a trip to glendale:biggrin:
 
Upvote 0
Jeffcat said:
well i felt like being random and sharing some bit of the humor i got while i was filling out a student loan term paper for osu this next year.

"21. Discharge (having your loan forgiven). We will discharge (forgive) your loan if:
  • You die, and the Direct Loan Servicing Center receives an original or certified copy of your death certificate. In exceptional circumstances, we may discharge your loan based on other reliable documentation of your death. "
they "MAY" discharge the loan if i die. well i guess that is one way of getting around loans. :biggrin:
Click to expand...

Will v. May... "We may discharge your loan based on other...."


SIMV is correct... an estate is "liable" for debt, not the surviving spouce, for example. So, if you are the beneficiary of a life ins. policy worth 100 million on your spouce, and he or she dies with 100 million worth of debt, you have NO OBLIGATION to pay anything to anyone.

Most property - ie houses and such.. are owned in a manner that upon one spouces death, the surviving spouce owns the whole thing...

Basically, so long as your estate has no value, your debts simply go away after your death. Any debt that is only yours (ie credit cards in your name, medical bills, etc.) does not pass to your spouce. Joint debt, however, does.
 
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