I just found out from my youngest daughter, who has taken over the finances of her idiot MiL. That the woman’s student loan debt is $500,000. I was stunned. She’s 70 years old and won’t be paying the loan back, unless the powers that be force her to, but they haven’t done so yet.

Apparently she has been able to defer payment, which causes interest to be applied and thereby raising the total. I am not at all knowledgeable about how it works, so am saying what I think I heard from the daughter.

Makes us wonder what the total amount owed nationally could be. Has the media ever shown what the total is? I’m thinking they’d never let that number out.

Let’s just print more money.

Student Loan Debt

Pretty easy to find the information.

Yeesh! I had a professor once who was pursuing another doctorate in his late 60's. He had adopted his grandchildren due to some unfortunate circumstances and had it all planned out that between his loans, that could be deferred while pursuing a degree and then deferred again when his dependents were old enough to be pursuing degrees, he had it planned that he could just defer them until he died. He claimed, which I think is true, that that debt ended with the death of the debtor. Not sure if his was an ethical plan but it was a good one!

I'm not familiar with student loan, but if she passes does that debt pass on to children like other debt or is it wiped clean?

Worth a watch: Borrowed Future

What debts pass from a parent to a child?

Doesn't real estate pass from parent to child if a house isn't paid off when the parent passes?

I don't really know as I've never gone through any of this and I don't have anyone in my family that would leave me anything besides debt anyway besides my mom LOL. Even with her it'll probably be a clean slate, no assets to pass on.

Yes secured debt passes to the person/estate inheriting it. I.E. the mortgage on a home. The loan on a car. Unsecured debit is what it is.. unsecured.

Never mind…. What Kershen said.

Wow, I feel like an idiot for paying my way through 6 years of under grad and post grad, then getting married and paying down 6 years of under grad and post grad my wife racked up at private universities. Sounds like I could have just deferred and I'd be sitting in a paid off house right now.

Thanks for the clarification

Yeah you screwed that up. Lol

I paid all of mine back too, on time and with interest. If all of the current student loan debt gets "forgiven" I ain't gonna be a happy camper.

If you signed for it you should pay it back. Pretty simple...it's about personal responsibility. Nobody is owed a college education.

There is no such thing as "forgiveness" like the Potato wants us to think. It doesn't magically just go away. It unfairly passed that debt on to the taxpayers, many of which could NOT afford to go to college themselves or paid their debt back.

How the F is this even being considered?!?!

Smart people aren't so smart, let the chips fall.
Sorry your daughter is in the middle of this.

Who spends a half mil in a degree?

That includes the compounding interest included.

Big Bob.. my cousin did at OSU! Got not 1 but 2 useless liberal arts doctorates. Finally left the university a couple years ago and got her first "real" job working for a non-profit and makes less than $40K a year. Those loans will never be paid off.

if she is disabled they can have the debt erased, has to be officially declared by the feds ie. social security etc.

You can have your student loans forgiven if you're totally and permanently disabled, meaning unable to earn an income because of a medical or mental impairment that has lasted for at least five years or is expected to result in death.May 3, 2022

https://www.aarp.org/money/credit-loans-debt/info-2022/student-loan-forgiveness-disabilities.html#:~:text=You%20can%20have%20your%20student,expected%20to%20result%20in%20death.

https://studentaid.gov/manage-loans/forgiveness-cancellation/disability-discharge

A total and permanent disability (TPD) discharge relieves you from having to repay a William D. Ford Federal Direct Loan (Direct Loan) Program loan, a Federal Family Education Loan (FFEL) Program loan, and/or a Federal Perkins Loan or to complete a TEACH Grant service obligation.

In most cases, to qualify for a TPD discharge, you must complete and submit a TPD discharge application, along with documentation showing that you meet our requirements for being considered totally and permanently disabled, to Nelnet, the servicer that assists ED with the TPD discharge process.

Note: Throughout this page, the words "we," "our," and "us" refer to the U.S. Department of Education.

Great question

imo, unless she cosigned the loan it will just go away. it can be willed to the daughter or left as part of the estate but I doubt it is automatic.

they can lien the estate if they find out about her passing.

uncle zeek would be the one to ask.

😳