Anyone familiar with college Financial Aid?

[lakelover]

As I mentioned earlier in the Good News section, my wife is returning to school for a master's degree and change of careers. She is funding it with (so far) Federal Stafford subsidized & unsubsidized loans. <br /><br />So here's my question: Neither one of us is real young, let's call it in the 50-ish area. As long as I am not a co-signer on any of her loans, if she were to die before they are paid off, would I be liable for repaying them? <br /><br />I know it's one of those raw, right out there questions, but our financial situation is not such that I would be able to do it with my salary & I need to know the ins & outs of it all.<br /><br />Sort of related, but not directly to the question...We have a son currently in college, my wife starting in a couple weeks, and another son about to get in to a $9000/semester music college...& our savings are negligible. Pretty sure son #2 will get some talent scholarship money, but no idea how much yet.<br /><br />Last year at this time, I saw retirement dimly at the end of the tunnel, but no more. Throw me a rope, I'm drowning.

 

[craze1cars]

Re: Anyone familiar with college Financial Aid?

Advice or answers? I have none.<br /><br />But you deserve a big pat on the back for willingly providing for your family the way you are. It's tough, but you are doing the right thing and your sacrifices will pay you back in great dividends one day.<br /><br />Kudos. And I wish you the best.

 

[lakelover]

Re: Anyone familiar with college Financial Aid?

Originally posted by craze1cars:<br /> Advice or answers? I have none.<br /><br />But you deserve a big pat on the back for willingly providing for your family the way you are. It's tough, but you are doing the right thing and your sacrifices will pay you back in great dividends one day.<br /><br />Kudos. And I wish you the best.

Thanks, I have a lot to figure out!

 

[deputydawg]

Re: Anyone familiar with college Financial Aid?

My wife just graduated 1 year ago tomorow from the University if Nebraska at age 34. Looking at a little $50,000 student loans. She deferred them until July, so no payments yet.<br /><br />The way I understand it they are her loans. If she dies I am not responsible for re-payment. The only paperwork I ever signed was income verification. <br /><br />The school financial aide office should have the answers for you. If not there is a lot of information online about these loans.

 

[EZLoader]

Re: Anyone familiar with college Financial Aid?

Here is a great link regarding your question...<br />Death<br /><br />IA student loan can be discharged if the borrower of a student loan dies, or, in the case of a PLUS loan, either the parent borrower or the student for whose education the loan was borrowed dies.<br /><br />What to Do:<br /><br />Send an original or certified copy of the death certificate (which must bear the official seal of the office that issues the record) to the party that holds the loan.<br />Check a recent demand letter or bill for this loan; if the address to which you are requested to send payment is the National Payment Center in Greenville, TX, you should submit this documentation to:<br /> <br /><br />U.S. Department of Education <br />P.O. Box 5609<br />Greenville, Texas 75403-5609 <br /><br /> http://www.ed.gov/offices/OSFAP/DCS/disputes.html#Identity

 

[Solittle]

Re: Anyone familiar with college Financial Aid?

I don't mean to jump on lakelovers post but I have a related question on student loans.<br /><br />I there any way that a student loan can be forgiven for someone who is unable to pay? My daughter has a $5,000.00 outstanding loan from her masters program. She is bi-polar and unable to hold a steady job.

 

[EZLoader]

Re: Anyone familiar with college Financial Aid?

SoLittle, <br /><br />Read the link I put in above your post... it will answer all your questions.

 

[deputydawg]

Re: Anyone familiar with college Financial Aid?

You can defer loans for 6 months. You can not claim student loans on bankrupcy. <br /><br />I may be wrong. Just going by my own experience.

 

[lakelover]

Re: Anyone familiar with college Financial Aid?

Thanks everyone, some great info and resources. I appreciate your help!<br />Thanks, EZ, for the informative link!!<br /><br /><<<By the way, that's the music guy in the boat at the left, he's boat-crazy too.