Community Chat

[Kachina624]

Parent co-sign a student loan for their daughter to attend nursing school. Daughter dies unexpectly and now parents are complaining about having to repay her $100,000 loan. They say nobody got any benefit from her education so they shouldn't have to pay. Are they right or wrong?

[Tetue]

Are they nuts? Some type of life insurance policy on her would have been a smart idea. They are wrong!

[NoelSeven]

At what point did she die? Did she finish nursing school or not?

[gidgetgh]

I think we had a thread on this last week. My opinion is that if you co-sign the loan, you're as responsible for the loan as the primary signer. I don't side with the parents on this.

[brii]

They're responsible for the loan unless there was something written the contract that the loan is void upon the death of the student

[tansy]

Another valid reason to not consign a loan:/

[dooBdoo]

It seems to me everyone has to pay attention to all the "what ifs" when they sign legal documents. Here's one article about the family in question (too long to copy and post here):

Grieving parents hit with $200,000 in student loans

Link goes to: http://money.cnn.com/2014/07/28/pf/parents-student-loans/

[Puzzle Piece]

On 8/5/2014 brii said: They're responsible for the loan unless there was something written the contract that the loan is void upon the death of the student

Ditto.

[NoelSeven]

On 8/5/2014 gidgetgoeshawaiian said: I think we had a thread on this last week. My opinion is that if you co-sign the loan, you're as responsible for the loan as the primary signer. I don't side with the parents on this.

I agree, although if she never got to step foot in school, it would be nice if they could just return the money.

[151949]

$100,000 for nursing school. !!!!????? Where? She could have achieved the same thing at Community college.

My Nursing school student loan was $1400 forty five years ago, but I had a scholarship for my tuition.