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Will My Parents Have to Pay My Student Loans? – Roger

“Dear Steve,

Hi, I have some student loan debt (a total of $82,000) and I was wondering if something should happen to me, would my parents need to pay it off? I have always wondered this, because well frankly stuff happens and we don’t always know what might happen tomorrow. I am including a copy of the types of loans those are.

Please look at my attachment. I went to a website called “National Student Loan Data System for Students” to get this loan summary.

Thanks again!!!! I really admire your desire to give FREE advice!!!

You are a wonderfully great person.



Dear Roger,

First off, thank you for the kind words.

If the student loans are in your name alone and your parents did not co-sign for the loans then they are your loans, not theirs. They would not repay them.

I could not help but notice that you have quite a few individual loans. It might be worth considering consolidating them into one loan. According to the U.S. Department of Education the loan consolidation would offer you the following benefits.

“Loan consolidation can greatly simplify loan repayment by centralizing your loans to one bill and can lower monthly payments by giving you up to 30 years to repay your loans. You might also have access to alternative repayment plans you would not have had before, and you’ll be able to switch your variable interest rate loans to a fixed interest rate.”

“You also should consider the impact of losing any borrower benefits offered with the original loans. Borrower benefits from your original loan, which may include interest rate discounts, principal rebates, or some loan cancellation benefits, can significantly reduce the cost of repaying your loans. You might lose those benefits if you consolidate.” – Source

For more information on consolidating your loans, click here. There is no charge to consolidate.

Please post your responses and follow-up messages to me on this in the comments section below.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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