Monday, August 04, 2014

Many Parents Have to Pay Off Dead Kids' Student Loans - Families often have little legal recourse in these cases

Many Parents Have to Pay Off Dead Kids' Student Loans - Families often have little legal recourse in these cases:
"Probably the last thing parents mourning a deceased child want to do is deal with late notices from creditors—especially when those notices are for a student loan taken out by their lost loved one.
That's what happened to pastor Steve Mason, who found himself saddled with a $100,000 bill after his 27-year-old daughter died five years ago, leaving him and his wife to raise their three grandkids on the relatively modest salaries they both earn at a local church, reports CNN.
As a co-signer on his daughter's private student loans, Mason was on the hook for her IOU, which turned into $200,000 after interest and late fees piled up."

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