Consolidating private student loans blog

17-Oct-2017 16:52

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The remaining debt canceled is treated as taxable income.So parents in this situation could be hit with a large tax bill.Use the National Student Loan Data System (NSLDS) to figure out who your servicers are and contact them to find out their policies.In addition, look into cosigner release and a life insurance policy that could help with any outstanding debt.Your cosigner is legally responsible for your debt after you pass away, regardless of the type of loan in question.And, in some cases, cosigned debt repayment can be accelerated.Once you’ve done this, you can obtain cosigner release. In some cases, it makes sense for parent cosigners to purchase a life insurance policy for their child.

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As with other types of debt, private lenders might come for your estate when you die.You can also consider federal loan consolidation or student loan refinancing to simplify your payments and gather all your loans in one place.