Who do i owe student loans to

How Much Do I Owe in Student Loans? Where to Look for Student Loan Balances

In addition to keeping in touch with your college classmates and friends, you also need to keep track of your student loan balance. With the average college graduate owing up a record amount in student loans, you don’t want to miss a payment as the interest will accrue quickly. It pays to take a few minutes to find out how much you owe in student loans to each lender.

How to Find Out How Much You Owe in Student Loans

If you borrowed from several different lenders for your student loans, this process could be a little tricky. The best place to start is by gathering your original loan documents. If you didn’t keep these documents, you could also try these other options below.

It is rather easy to find your federal student loans balances. All you need to do is visit the National Student Loan Data System (NSLDS) that records all your federal loans, grants, and aid receipts.

It doesn’t matter who services your federal loan, you will find your balance, interest rate, and payment status here. To get started, you will need your FSA user id number. If you don’t have one, they are easy to obtain from the Department of Education.

If you have already started making federal student loan payments, the data can be delayed up to 120 days from the time you make a payment to when it is reported to the NSLDS. Don’t worry, if you overpay your total loan principal and interest balance, you will receive a refund for the overpayment amount. If you know who your loan servicer is, then you can use your login credentials (hopefully you didn’t forget!) directly with your servicer’s student loan portal to find your balance.

The process of checking your student loans can be challenging. This is because the original lender could have transferred it to a servicer before it even entered repayment status. When it comes to finding your private loan balances, check with your original lender or the loan servicer if you have that information.

You can contact the original lender by phone or accessing your online account. If your loans have been transferred to a servicer, they can tell you the name of the servicing company and their contact information. Once you create an online account with the servicer, you will be able to view your balance, interest rate, payment status, and schedule future payments.

When you have already received a piece of mail from your lender stating your loan has been transferred to a servicing company, go directly to the servicer. They are the ones that will collect your student loan payments and report them to the credit bureaus.

Another option to find your student loan balance is to view your credit report. Each lender or servicer should report your federal and private student loan activity to the main credit bureaus (Experian, Equifax, and TransUnion) even if your loans are still in deferment status.

You can pull your credit report from each bureau for free once a year from certain websites. It is a good idea to look at your report from multiple different sources. In some cases, student loan lenders and servicers do not always report your loans to all three credit bureaus. If you only view one bureau report, there is a decent chance that a few of your loans will be overlooked.

Your College Financial Aid Office

One final place to inquire is your college financial aid office. Most offices record the name, dollar amount, and date of receipt for each student loan they receive. This is partially so they can keep records that you are paid in full for each semester and also to report borrowing statistics.

Your financial aid office won’t be able to tell you how much you currently owe based on accrued interest or any payments you might have made, but they can tell you how much the original check was written out for.

Not knowing how much you owe on your student loans can be overwhelming. By gathering this information as soon as possible, preferably before graduation, it will be one less thing to do after you move away and enter the workforce. The good thing is that even if you start the process of finding out how much you owe in student loans after graduation, most of the information can be easily accessed online or by making a phone call.

I’m Turning 40, And I Still Owe $40K In Student Loans

Who do i owe student loans to

I don’t remember too much about the day I received my Master’s in education. It was sunny—or maybe, was it raining? My parents were there, and they took a picture of me in front of Longfellow Hall, so I know I was too.

The whole year had been a whirlwind—yep, just a single year. I didn’t even have to write a thesis. Two semesters, eight classes, wham, bam, thank you ma’am: I had a degree from Harvard. Priceless, right? Well, yes, but also extremely expensive. I was 22 when I received that degree. I’m 39 now, and I’m still paying for it. The final payment is scheduled to be taken from my bank account a few months before my 57th birthday.

Currently, I owe $37,391.47 in student loans on both graduate and undergraduate degrees, but that figure rounds comfortably past $40,000 when you include my credit card debt, which could be regarded as school debt despite the fact that it didn’t go to pay tuition—more on that later.

(To ascertain the exact amount of my student debt, I had to log on to the website of loan servicer Mohela, which asked me a security question: “In what city is your vacation home?” Believe it or not, Mohela, I actually don’t own a vacation home. Maybe when I’m 57, I’ll consider my options for an investment property.)

With each year that passes, it seems stranger and stranger that I’m still paying $251.62 a month to cover the cost of classes I took when I was 18, of tabbouleh pockets I ate in the dining hall when I was 19, of the roof that was over my head when I split my first six-pack of beer with a friend while we watched The Hunt for Red October.

I was raised in a middle-class family in St. Paul, Minnesota. My dad started college at the University of Minnesota before being drafted right out of school to serve during Vietnam; he never went back. After high school my mom spent several months earning a certificate from secretarial school, then went to work in an office and soon met my dad. Dad worked in housing finance; Mom stayed home to raise my siblings and me, then she took an office job at a local university.

I’m the oldest of the four kids in our family, so when I did well on my PSAT and started receiving letters and flyers from colleges across the country, the mood in our house was both excited and a little nervous. My parents were proud that schools in California and New York were interested in me, but the price tags at many of the schools looked staggering: $20,000 a year for tuition alone. Everyone said there was financial aid, but it seemed hard to believe that kind of education was anything our family could afford—especially with another kid heading off to college in just three years, then another one three years after that, then another one three years after that.

My mom still remembers looking with disbelief at my offer letter from Boston University. They promised substantial grants, to be supplemented by several thousand dollars in student loans as well as a parental contribution that was stiff but—well, not $20,000. “I think this means you can go to Boston,” my mom said with happy surprise.

I recently found the big box of paperwork detailing our four-year history of financial negotiation with Boston University. There were pages and pages of hand-written calculations by my mom, and copies of all my promissory notes—including the very first student loan agreement I signed, in 1993. What, I wonder, did the 18-year-old me think my life would be like in 2015? Did I realize I would still owe that money?

A letter from my mom dated November 18, 1996 appeals a decision by BU to reduce my senior-year scholarship by $2,000, an amount that “will cause a financial burden for my husband and myself if we have to pay it,” wrote Mom. Her letter concludes that “my son will be graduating in May, 1997 and has had a wonderful educational experience at BU. For this I am grateful.”

I did in fact graduate that year—technically, in September rather than May—and went on to Harvard, deferring payment of over $20,000 I’d amassed in student loans over my four years of undergraduate study. In just one year of graduate education, I doubled that debt. For my one-year Master’s program I borrowed nearly all of my tuition money from the government while working a part-time job to pay my rent. By June 1998 I was completely finished with student loans—at least, with the borrowing part of the process.

After a year working as a research assistant, I entered a funded doctoral program in sociology—a program that would take eight years, popping me out at the other end with a Ph.D. and still with $50,000 in student debt. I’d taken an in-school deferment on my loan payments, writing my dissertation as the mountain of money I’d borrowed quietly accumulated interest.

By the time I received my doctorate I’d supplemented my student loan debt with about $10,000 in credit card debt, accumulated during the boom-bust cycle of graduate student funding. My tuition had been covered by the university and I’d received stipends to cover my living expenses, but those stipends came in fat chunks with long dry periods in between, and often with the timing and size of future payments contingent on grant applications.

I started making purchases here and there with the Discover Card account I’d first opened to buy a computer during college, telling myself I’d pay the debt off when my next stipend check came in—but then the stipend check would come, rent would be due, and Discover would be content with just $81 a month, most of which was simply an interest payment.

My parents bailed me out once on my credit card debt, and we agreed I’d certainly learned my lesson. Then, I turned around and racked that credit card debt right back up again. I haven’t added to that debt since I finished graduate school for good in 2007, but it’s not going away any faster than the government debt is, so I’m now paying a total of about $450 a month to service the debts I accumulated during college and grad school. That’s only about $75 less than I pay in rent each month.

That $40,000 obligation is money I owe, because it’s money I spent. I signed the forms and the notes and the contracts and the receipts agreeing to accept that money when I was 18, and 21, and 26, and 29—and now it’s up to the 39-year-old version of me to make good on my promise to pay it back.

Writing from the perspective of my present self, I realize that I’m not really the one who the younger me expected to be making those loan payments. What I mean is that I don’t think I actually realized, when I was signing that promissory note at age 18, that the guy who would be paying that loan off in the 21st century would actually be me—the same guy, with the same Isaac Asimov paperbacks and the same birthmark on my chest and the same phobia about pens that aren’t clicked shut.

Whom, then, did I imagine would be making these payments? I think the answer is that I envisioned the payments being made by an adult: someone with such fantastic reserves of money that it would mean something totally different than it did to 19-year-old me. In short, I don’t think I realized that the $50,000 I was borrowing would ever feel real.

It doesn’t, in a sense—but it does feel real when I cross my fingers and turn the key in the ignition of my rusty Taurus, instead of the new car I could afford if I didn’t have a student loan payment to make every month. It feels real when my shower slows to a trickle because of the janky plumbing in this old building, instead of the newer building I could afford with another couple hundred dollars a month. It feels real when my ass is sitting in a booth at the CC Club instead of in a poolside lounge chair on the vacation I could have paid for with the thousands of dollars in student loan payments I’m making this year.

Was it worth it? That question is impossible to answer, because if I hadn’t made the decisions that involved borrowing that money, my life would be very different. College and grad school were learning experiences, and not just in an academic sense: I learned what makes me happy, I learned how to be more confident, I learned what I don’t want to do with my life. If I knew then what I know now, the amount of money I borrowed would be far from the only change I’d make.

If I could give advice specifically regarding student loans to my younger self, though, it would be this: take them very seriously. That’s real money, and it’s going to be you paying it back. Don’t be misled into thinking that your loan burden is a negligible variable when choosing among schools. It’s a very important variable. Right now, you think that your future self won’t even notice those payments. Believe me, he’ll notice.

This is the part of the essay where I’m supposed to get on a soapbox and say that the current system of higher education funding is unsustainable and, in some ways, outright immoral. I think that most reasonable people already know that. Education is like health care: it should be made freely available to all, funded by collective investment. This is America, though, so I know that’s not going to happen. I do, though, hope that the inevitable changes to come bring more transparency and fairness to the byzantine, brutally unfair system currently in place.

My student loans are a pain in the ass, but at least I got what I paid for: a top-notch education, with fancy degrees to prove it. I even took the luxury of changing careers into journalism, forgoing the additional tens of thousands of dollars I’d possibly be pulling down each year if I’d stayed in academia to maximize my earning potential. Many students start with fewer advantages than I did, then are coerced into debt in pursuit of degrees they don’t even complete, sometimes being so heavily burdened that they’re driven into default or even bankruptcy. Things could be worse—a lot worse—than they are for me right now.

Still, my loans are part of a growing mass of student debt being accumulated by Americans from all walks of life. Tuition at Boston University was about $20,000 a year when I was there in the &0s; now it’s $47,422 a year, an increase that’s way ahead of inflation. Legions of students who are in college right now will end up like me: spending the majority of their working lives making substantial monthly payments on student loans. If you haven’t become one of us yet, think twice before you do.

Jay Gabler is a writer, producer, and co-founder of The Tangential. He is on Twitter.

“That’s real money, and it’s going to be you paying it back.” That is the truest statement regarding student debt. I think when you’re a student, it’s easy to look forward and think, “oh a magic fairy will come along at some point and pay that off,” or, “oh, who cares? I’ll be making SO MUCH $ in 10 years that it doesn’t even matter.” Well, it does. I wish someone had given me that advice 10 years ago! Great article, Jay.

:'( this is me. this is too real.

Oh god, I can so relate. It’s definitely part of this weird idea in your teens and early twenties that Current Me and Future Me are two different people. Current Me needs that video game or $10 box of

organic whole grain granola with fruit

or whatever you’re throwing money at. Unfortunately, when you start paying off that debt (student loans or credit or both) it is still you paying it.

I’m sure some people do strike financial gold and get great jobs out of college, but no matter how much money you make throwing away $200-500 a month at your debt hurts. There is always something you’d rather spend it on. But, because the Current Me wanted to spend it, the Future Me has to pay for it. And that Future Me is a totally different, rich, stabilized, intelligent person that apparently jumps out from behind a bush and exists when you turn 25.

Ok, but you only made the minimum payment. $250/mo? Yeah, you’re going to be in debt forever. If you really want a depressing picture, why not calculate how much an extra $50/mo would have made — not just in whacking down the principal, but all the interest it would have spared you. I graduated from my BSc. with almost $21,000 in student loan debt. It was gone in 22 months on a $50,000 salary. There’s no reason for you to be lugging this debt around for 11 years.

I was wondering about this as well. Depending on the interest rate, it may or may not be worth it to pay quickly. I graduated with $60k in debt, and am on track to pay the portion of it with the highest interest rate—$40k at 6.55%!—off in a few months after just 6 years of payment at an accelerated pace. The other $20k however, sits at 2% interest, and it’s better to make the minimum payments on that and focus on investments both for retirement and for more mid-range goals. If I get a big raise in a couple years after my savings is in better shape, maybe I’ll decide to re-evaluate that situation, but for now that’s the best plan for me.

There’s no interest rate that could justify carrying the undergraduate student debt from your 20’s into your 40’s. The author of the article also doesn’t strike me as someone that saved aggressively while neglecting their debt.

Gahh I just re-read and noticed they said the final payment will come out a few months before their 57th birthday. What a disaster.

Congrats on your progress. I’d still make a point to get rid of the $20,000 in 3 years even while saving. Getting too comfortable is at the heart of North America’s debt culture.

We’ll have to agree to disagree on this one. If I can get better than 1.75% interest on my investments, I’m more comfortable making the minimum payments (with probably the occasional bonus) and having more in my retirement account and home equity.

I agree with you. With a low interest rate it is best to invest elsewhere

Of course the math works out — but is it enough to really justify the method? I just did the math on this (because I am a huge PF geek and can’t stop)

Let’s say you have $700/mo free for either debt repayment or saving — or any combination thereof. Your debt is $20,000 and the interest rate is 2%.

Strategy 1: put minimum payment $158/mo towards debt (this will pay off the loan in 12 years) and you can invest the remaining $542

Strategy 2: kill the debt in 2.5 years by putting all $700 towards it, then begin putting that $700 in investments for the following 9.5 years.

At a 5% return in the market, you’ll be $337 ahead with Strategy 1. At 8%, you’ll be $810 ahead. Double-digit returns and it really starts counting. But can you guarantee double digit returns on your money?

I guess the right question to ask is this: is dragging the debt around for 12 years worth a net $337? (less, counting inflation) It sounds like you already have a home, but for others, what mortgage you qualify for depends on the payments you can afford, and this is significantly impacted by your debt.

Also, we’ve had a steady bull market for the past 6 years, but it’s cooling off. Assuming the next 2 years are less than stellar (like they probably will be) it’d be more worthwhile to kill the debt now, then be able to maximize investment in the next bull cycle.

I’m not saying it doesn’t make sense to chase the highest ROI, because it does, but there’s non-monetary considerations plus unpredictability (ie. unexpected job loss in the future, etc) that can put a serious wrench in long term plans. Personally, I’d rather be 100% in control of my finances rather than save an extra $337, but yes, agree to disagree.

I appreciate your thoughts on these different solutions for Jay’s situation (and situations like his), but I have a question regarding your advice to consistently raise the amount you are paying towards your debt in the interest of getting it done as quickly (and, from an interest perspective) cheaply as possible.

You mention on your blog that you were able to do this in a few short years with a relatively large sum of money, but you also spoke on Twitter about being in a combined household income of over 250,000 dollars with your fiance. Jay mentions in this piece that he is already driving an old used car, living in a less-than-great building, and working more than one job. He does not anticipate owning property any time in the near future, something you are actively working towards.

At a certain point, is quality of life not a concern? One’s ability to pay very quickly is certainly impacted by their combined household income, and the hit that the rest of your life would take with even 50-100 more towards a bill every month. It seems unfair to put such a heavy burden on pragmatism when his day-to-day situation is a) vastly different and b) already significantly scaled down to accommodate bill payments.

Chelsea, you’ve hit on one of the reasons I’m going for a more balanced approach of attacking the loans that I’ve identified as a real problem, and then giving myself a bit of a break to take the rest at a more moderate pace. When I started paying off my debts I didn’t own a car at all, relying entirely on my bicycle for transportation. My one big quality-of-life increase in the past 5 years has been buying a reliable used car, and the next one I’m planning for will be property ownership (Bridget: we’re not there yet but actively planning for it pretty much as soon as that big loan is done). It may sound like post-rationalization, but to me these things have a great value in keeping my life stable. After a bike wreck and landlord troubles, I value that stability more than I value having the smaller monkey off my back, but less than the larger gorilla. I guess I’m saying, to me the loans are a big goal but they aren’t the only one, and other factors definitely deserve some consideration.

You might change your perspective as time goes by too. I found my hatred for my debt waxed and waned… sometimes IDGAF but then others it agonized me so much I would start tutoring or pick up babysitting gigs just to kill an extra $300 of it.

Paying of $20K is simultaneously harder and easier than you would expect. Harder because it seems to go on forever and easier because once it’s gone, it almost feels like it never happened.

Our household income is just shy of $200K, not $250K (and it’s recent, if that matters at all — 7 months ago I was an underpaid intern). I’m the higher earner, too, just for the record.

I met my fiance in 2013, months after I had paid off my student loan debt. His income has absolutely nothing to do with my debt repayment, or any other facet of my financial progress.

I paid off my debt on a $50,000 salary (still a good income, but nowhere near six-figures) and I did it alone. I lived cheaply, saved aggressively, and pushed myself. At the same time I started saving more than 10% of my gross income for retirement, and investing in the stock market. It paid off like crazy, which is why I’m so adamant about the process.

When I first faced my debt I was making $15/hr working part-time at the Apple Store, and putting an extra $50 towards my student loans hurt like hell.

Where I’ve ended up is not where I started.

not everyone is lucky enough to find a 50k a year job out of college….or 40…..or even 25

I’m with Bridget on this one, what exactly is stopping you from making big Giant sized payments? 57 with a student loan would scare me personally.

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How to Locate Who You Owe on Your Private Student Loans

Who do i owe student loans to

I’m a music teacher making $1,850 a month.

I’m 31 and suffering the consequences of bad/lack of financial advice early on and of course my own terribly decisions.

A few years ago when the calls started in earnest I jotted down notes on the names, location and totals of my student loans and I was almost $200,000. I managed to get the bulk of it put on forbearance or deferment.

I lost track of part of it and a chunk went into Collections. I don’t know how much it was. I could not pay. Eventually they stopped calling… I have no idea how to find out what is happening to that debt now.

Not a huge problem. Recently I starting looking hard to address this situation and have found a consolidation company who can work with the government to give me a reasonable payment plan and then eliminate the debt after 10 years.

$90,333.56. Minus the mysterious Chunk in collections that figure is what MyGreatLakes.com shows.

Sucks… I’m going to be pinching pretty hard just to afford the $125 or so for the federal loan situation and Key still wants more than $500 a month for the $90k. That by the way is reduced IDR which could eventually increase to $879/month…

*I cannot pay the private loans

*I took a $10,000 pay cut this year

*my meager savings are gone

*my father cosigned on all of this and I doubly worried about completely ruining both our financial futures.

This week (with snowdays off school) Iv’e finally had the time to really look into this problem. I read information telling me that if I just stop paying… it could all go away. Some of that information I got from articles you contributed to on Huffington Post and then on getoutofdebt.org. I managed to have a half hour phone call with a guy at Pacific Business Management yesterday. They deal in helping people get out of private loan debt. He said they couldn’t take me on as a client but he gave me all sorts of advice on why I should just stop paying… it still sounds… risky, or dangerous or too good to be true.

Now I have a slew of questions regarding the private loans.

Q1: How can I track down the chunk in collections if I’ve lost all the paper work?

Q2: Is stopping payment on my $90K to key bank a feasible or safe idea?

Q3: I went to school in Kentucky though I live in Ohio. Are my loans subject to Ohio or Kentucky Statue of limitations? (OH statute 8 years) (KY Statute 15 years)

Q4: IF I stop paying… and don’t get sued… and the statute runs out. When does the 7 year clock start ticking to get it all off my credit score?– Does the 7 year credit score clock start ticking after the statute is over or does the statute clock and the 7 year credit reporting clock tick away at the same time?

Q5: IF I stop paying… and the statute runs out do I have to do anything afterwards to make it all go away or is it all just… magically “gone”?

Q6: How will all this affect my father as cosigner?

Q7: What is the best low budget way to increase my credit score while all of this is going on?

On the federal loans, make sure you elected the income based repayment option for the consolidation loan. Both the direct consolidation loan and income based repayment plan election are free (no-charge) options available directly from the U.S. Department of Education. More details here.

Let me tackle your specific questions.

Q1: How can I track down the chunk in collections if I’ve lost all the paper work?

I assume we are talking about the private student loans. The only way to track them down is to get a consolidated credit report that includes data from all three credit bureaus. Of course that will only show loans reported by the lenders. You can also monitor your mail and phone calls for collection calls and then ask the debt collector to provide proof of the debt. Finally, you might want to contact the financial department of the school you attended and see if they have record of who they might have hooked you up with.

Q2: Is stopping payment on my $90K to key bank a feasible or safe idea?

Is it possible, yes. Is it without risks, no. Not long ago an attorney submitted a guest post titled Top 10 Reasons You Should Stop Paying Your Unaffordable Private Student Loan which seems to cover the reality and risk.

Sometimes, in the face of no other good option and a desire to get to a point where the lender will talk about settling the debt, you have to be significantly behind.

Q3: I went to school in Kentucky though I live in Ohio. Are my loans subject to Ohio or Kentucky Statue of limitations? (OH statute 8 years) (KY Statute 15 years)

You’d need to discuss that with an attorney licensed in your state who can give you a legal opinion. I am not a lawyer.

Q4: IF I stop paying… and don’t get sued… and the statute runs out. When does the 7 year clock start ticking to get it all off my credit score?– Does the 7 year credit score clock start ticking after the statute is over or does the statute clock and the 7 year credit reporting clock tick away at the same time?

The seven year clock with start when you last went delinquent. However, your credit score and credit report should be the least of your worries. It is relatively easy to rebuild credit but the focus should be on dealing with the debt and then picking up the pieces later and dealing with those.

Q5: IF I stop paying… and the statute runs out do I have to do anything afterwards to make it all go away or is it all just… magically “gone”?

You would have to file bankruptcy and include the out of statute debt for discharge.

Q6: How will all this affect my father as cosigner?

When you default the lender will go after your father for the balance due. As a cosigner he agreed to be 100% responsible for the debt if you didn’t pay.

Q7: What is the best low budget way to increase my credit score while all of this is going on?

Pay your bills on time, make sure you have open credit cards, and keep the balances below 30% of the available credit.

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

Who do i owe student loans to Who do i owe student loans to Who do i owe student loans to Who do i owe student loans to Big Hug! Who do i owe student loans to

If you have a credit or debt question you'd like to ask just use the online form .

What Happens To A Student Loan When You Die?

Who do i owe student loans toAs in marriage, student loan debt is a matter of “until death do you part.”

If you’ve got student loan debt, there are lots of options to keep yourself out of default. For some, the debt can be repaid in full before they get to the grave.

Unfortunately, as student loan debt climbs to stratospheric levels, many people ask me about the impact their debt will have on their loved ones after they die.

Morbid, but a valid concern – especially for parents and grandparents who cosign for student loans for their relatives.

Here’s the run-down.

The federal loan dies with the borrower, and it’s very simple.

The surviving people (family member or estate representative) fills out a Death Discharge to officially notify the Department of Education that the borrower has passed away. You’ll usually have to send in a certified copy of the death certificate to the school (for a Federal Perkins Loan) or to the loan servicer (for a Direct Loan or FFEL Program loan).

The school or servicer verifies the information and the loan goes away. It should not affect the estate.

Private loans are completely different because they are like any other consumer debt and attaches to the estate.

I’m not an estate lawyer, so you’ll need to talk with one to determine the impact of the debt on your assets.

What Happens To A PLUS Loan When The Borrower Dies

When the borrower or the student passes away owing a PLUS Loan, it is still discharged.

If it’s a Parent PLUS Loan and the parent survives but the student or child passes away, that PLUS Loan can be discharged through that Death Discharge application.

What Happens To A Parent PLUS Loan When The Parent Dies

In a Parent PLUS Loan situation, it is the parent – not the student – who is the borrower. When the borrower passes that loan dies as well, again through the Death Discharge application.

The Procedure For Death Discharge

In contrast with some of the other federal student loan repayment, discharge and forgiveness issues, it’s really hard for the lenders and servicers to screw up the process for a death discharge.

If the person died, the person died.

Your death discharge application gets sent to the servicer and/or lender if it’s not the Department of Education. Sending an authenticated Death Certificate with it is really all there is to it because they can’t collect from the person if they’re dead anyway.

If the school or servicer does contact the estate, the estate is going to verify the death and the discharge for the court. There should be no issues with this.

Wanna bet some scumbag at SLM Corp. or NNI has proposed trying the same crap as the credit card companies? I.E. Calling the deceased’s family and implying they have a “moral obligation” to pay.

If federal loan, it would be a violation of law because the liability dies – moral and legal. If Private, there are state laws that can protect people from creditors and fed laws that protect people from debt collectors.

Or the sleezeballs from CCA in Massachusetts. They love to make money off the misery of others.

Thanks. Interesting info. Does anybody else feel enslaved by their student loans?

Kyle Roos — Yes, absolutely. I have my own loans and now two college age kids plus one in middle school. I even make a decent paycheck but it is all just too much. In the early years after college when I barely made enough to get by I had to put the loans in forbearance. It is the capitalization of interest from back then when I couldn’t figure out anything else to do that is the real killer here.

I defaulted big time on my student loan, It was an $8000.00 Loan, and now it’s over $20,000.00. My paychecks have been garnished, and with the interest and penalties my loan will never be payed off. If there anything I can do. The interest just keeps going and going. I know it’s my fault but now I am so burdened by this. They garnish my tax returns, and even my vacation pay.

Peter, there are things you can do. Please contact me by either calling the office of completing the contact form.

there is a new income based repayment plan that can make your payments as low as 5 dollars a month, you just have to ask for it make 6 payments if you want title 4 to go back to school 9 to get out of default as soon as you make arrangements to make payments all the garnishments stop

This response confuses two issues. The income based repayment is for loans NOT in default, and payment can be as low as ZERO! If in default, 6 payments qualifies you for more aid, 9 payments gets you out of default. BUT, it must be an approved repayment plan.

The federal debt is forgiven BUT- if you are a parent signing on a Parent Plus loan then the debt forgiveness is recorded as income on your taxes at your income level. We were charged with having $54,000 extra as income and had to pay taxes all at once on that. It looks like our income was way better than it was and we paid 28% taxes for that as a result all at once. Not what we expected thinking we had 10 years to help our son pay off debt he was accuring. But then life is never as you expect it to be. Death and taxes you can count on! Prepare your family!

I thought that Parent Plus Loan cannot be forgiven, this is confusing. How can the Parent Plus Loan debt be forgiven?

A Parent PLUS loan is a federal loan. If it is being paid on an income driven repayment, it will be forgiven if not paid off in 25 years.

Do you work for Sallie Mae? I need someone to be able to help me lower my payments or do whatever I can. I cannot afford to pay.

No, I don’t work for Sallie Mae. We can help with fed loans. With private loans there are usually few if any options.

I am literally drowning in student loan debt…I’m $200,000 in debt ($40,000 of which is federal). The federal loans I am able to keep up with, but the privates are killing me! I have currently defaulted on two and I’m sure many more will follow. I originally had 17 through AES. I don’t need to hear about how stupid it was to take these out, because I tell myself that literally every single day. I have absolutely nothing to show for it! I WANT to pay back every penny I owe, but I can’t dig myself out! I’m making $30,000 a year right now, and I’m literally barely making it. My phone rings all day with collectors and I don’t know what to say to them! I desperately need help and advice! My main worry right now is my granddad cosigned for about $40,000 of the private loans. He passed away about 3 years ago. I’m terrified they are going to start harrassing my grandmother!

Please fill out my contact form or call my office.

i cosigned on a loan and the borrower passed away and wells fargo forgave the loan however now im faced with the possibility of being hit with a huge bill by the IRS is there anything i can do?

Nothing you can do about the tax bill, though consulting with a CPA is advised.

I have so much debt, I can’t see straight- over $200,000. I made a huge mistake of over-borrowing and graduated in California during the Recession.

I deferred and deferred, and am almost 6 months late on all my private student loans – I just pay one month to keep it out of default. The payments are killing me. I need to contact the federal one because I just stopped paying it- I need to rehabilitate it.

My parents are consigned and I cannot believe I got them into this mess. My dad is supposed to retire in 5 years, my mom is retired. They have a mortgage. They are already paying other loans down for me. My loans are my own issue. They lend me money occasionally, but have little extra money themselves.

I’m now a flight attendant with full benefits and I waitress as well. The flight attendant job pays less than $30,000/year, but has the potential to be a huge money maker eventually (pay goes up each year- after 5 years, I’ll make $36/hr).

My rent is only $375,

I only spend money on food (and occasionally yarn to knit, creative items).

Phone bill is $115.

I pay this amount each month

And all are delinquent by 5-6 months.

I just got a call from National Enterprise Systems – I think for Sallie Mae bc they haven’t withdrawn the amount from my bank and it may have missed the date.

My office will contact you.

I have sallie Mae loans I can’t pay also. National Enterprise Systems is a collector for Sallie Mae, BUT! Even though Sallie Mae does not have to abide by the fair debt collection act, National Enterprise does! Any collector hired by the bastards at Sallie must abide by the law. RECORD ALL THE PHONE CALLS! And if the collector says they can’t talk to you if your recording, then DON’T TELL THEM YOUR RECORDING! Even if they’re not admissable in court, you’ll still be able to listen to the recording later, take notes in it, and list how many violations of the fair debt collection act they make, if they make enough, you may be able to sue or get some debt forgiven. These people violate this law DAILY! I had some fool cal me at 5:55 am the other day!

Let me make sure I understand this….I am 68 with my daughter starting college at $55,000 a year…..I have significant assets and am capable of paying ( not eligible for aid)…..I can no longer get life insurance…..if I borrow on a parent plus loan….and die the debt is forgiven…like credit life insurance…….Is there tax liability to my estate? Will my wife have to sign also??

Doesn’t affect estate, forgiven at death.

my husband had a student plus loan for our daqughter. he passed away and they have cancelled the debt. I have however received a 1099C addressed to my husband for the amount of debt Do I have to file a return for my husband even though he passed away?

Contact a CPA or tax attorney for this issue.

I am co-executor for my father who passed away in Oct, 2013. My dad was savvy and helped three of my younger sisters by taking PLUS loans in his name, which at the time of his death, totaled over 100,000. My brother, the other co-executor, contacted the two loan servicing co,’s and had the loans discharged, however should we expect 1099-C forms? if these discharges were non-taxable, as we believe they were, will there be any documentation provided to that effect? Thank you very much!

If non-taxable, you won’t receive anything.

My brother in law is default on his student loan and can not be located. We believe his mother may have co signed on his loans and she has recently passed away. How can we find this out and how is it going to impact her estate? There is no will.

Sounds like this is a private student loan. The lender can move to collect from the estate, if there is anything to collect.

My mother passed away this past December. She was the borrower for two parent plus loans but my grandmother consigned. Will my grandmother have to still repay or can she get discharged? Thank you

I have a question/dilemma. After a two year battle with colon cancer, my husband recently passed away, leaving an insolvent state of financial affairs. I’m having to move from our home and it’s just the worst on top of losing him. Years ago, he’d taken out a student loan for me for undergraduate school because I wasn’t able to qualify at the time. If he didn’t get the loan, I would have had to find alternate avenues to pay for college and essentially wouldn’t have that loan at all. When I contacted Sallie Mae about a death discharge, since this particular loan was in his name alone (believe me, I have my share that are all mine), they took the liberty of rolling it over to me and make me responsible for it, since I was the student. I know its slightly a gray area, since this can’t happen for any other type of loan, and yes I was the student, but can they legally do that? Any help or insight would be greatly appreciated.

They can’t transfer a loan into your name unless you signed the original note. Find an attorney in your area, QUICKLY!

I co sign for two of my kids they are in debt $140,000 combined for college tuition for the private student loan my question is if my kids loan goes under default can they go after the assets that I have with my husband we currently own are home but we still have mortgage our home is value $225.000.00 to 250.000.00h we owe 150.000.00 we also owned a retal property that is pay off and we have savings in both of are names my husband think they will go after everythings that has my name on it, and he is suggesting removing my name from everything that we have our names together and probably get a divorce. I am willing to sign everything to him that way i won’t owned anything that they can take from me. Im willing to do all this. I don’t want the lenders to end up with everything that my husband work hard for it. I made the stupid decision why should he have to paid for my mistake. Help i need some advise.

You need to find a student loan lawyer local to you to answer your question. You can find one on my site.

My parents cosigned a NJClass Loan for my daughter. My father passed away last winter and my mother passed away several weeks ago. My brother is now the executor of their estate and is concerned that if somewhere down the road my daughter should get behind on payments or default that the loan would be his responsibility. Is there any way to get my parents taken off as a cosigner and would they look to the estate to pay this loan? She is still in college and has at least 4 more years until she finishes and we make monthly interest payments only.

You need to contact an attorney in your state. Many times, the death of a signer or co-signer is a default trigger. That would allow them to collect from the estate. Your brother will never be personally liable, but again, the estate may be attachable.

I’m $20,000 and some of dollars in debt and I would like to know how can I get forgiven for some of it. I’m unemployed at the moment due to injury and I think I may have exhausted all of my options besides repayment. What programs are out our

what legal help can you offer in my situation.

Contact my office to learn about options for your specific situation.

I have been told I only have a few months to live. I have a unsub consolidation loan I signed for years ago and have been paying on. When I die, will it be paid off or will my estate have to go toward it. It is with AES.

Federal loans do not attach to your estate.

So what happens if you have Federal loans consolidated already w/ the federal program but some are subsidized and some are unsubsidized, and that’s not paid off when I die. Are both Sub/Unsub forgiven? or is it different once it’s consolidated??

Every fed loan is discharged upon death. It doesn’t matter if consolidated, sub, unsub or whatever status.

I signed a student loan for my son and owe about 60,000. He has been unable to find a job and I’m stuck with this huge bill. Is there a way to transfer this to him? I’m almost over my head with this. I have a security job that could be in jeopardy if I get a blemish on my record.

No, the loan is yours. If you didn’t want to get stuck with the tab, you should not have taken the loan. It’s a harsh lesson, but that’s how it works. If this is a Parent PLUS loan, ask your servicer for more affordable payment options.

I currently have a parent plus loan for my daughter. I just got diagnosed with pancreatic cancer and am looking to have chemotherapy. I am unable to work due to my health, and I am not sure for how long the treatment will last. At this point, it seems that I will be out of work for a very long time due to the poor prognosis of this cancer. What is the best option I can take to alleviate the financial burden? Is there an government aid for cancer patients in regards to federal loans? My family is in need of help. We’re even thinking of applying for food stamps. My children are all fulltime students are unable to provide financially.

If you can’t work and it will be long term, you can apply to have the loans forgiven. It’s called Total and Permanent Disability Discharge.

Do federal loans go away when the borrower dies even if there is money in the estate that they can go after? (That is, if I have enough life insurance to pay off my house, etc. for my husband, but not enough to cover my student loan debt, should I be purchasing more life insurance if my loans are all federal?) Thanks!

Yes – federal loans don’t chase the estate.

Hello i am a freshman in college and i have a full ride at my current college however i will be transferring soon and this new school is not willing to give me as much scholarship money. I have a 3.6 and had a 3.8 in HS and got a 25 on the ACT. I don’t have the money for school but according to the FASFSA my parents make “too much money” to receive financial aid, but my parents are drowning in bills. I need to find a way to pay for school and living! Is it wise for me to take out a loan under my name?

Why transfer? You have a free ride, don’t give that up – especially if you can’t get federal aid. Under no circumstance should you consider private loans. Don’t give up a free ride – that’s just ridiculous!

Josh, you say fed loans die with the borrower, does that include fed loans that are in default?

My brother went to a very expensive private college. My parents co-signed for a private loan for part of his schooling. I recommended to them that they should get a life insurance policy in the event that something happens to my brother. That would b horrible if they had to pay that debt back. It’s over $45,000!

I have an interesting dilemma…in the mid &0’s, I took out a couple of student loans. I do not remember the type or amounts, but it was not that much….my wife at the time had been a full time student using student loans. In 2000, we separated and prior to the divorce being finalized, I learned she consolidated our student loans. By that I mean she forged my signature on the paperwork. I did notify law enforcement and a police report was generated. I also spoke with Sallie Mae and was left with the impression that it would be taken care of. I went on with my life and forgot about it. I did check my credit report every so often over the last 14 years and there was an active account for 33k and change and listed as a joint obligation, however I never heard anything from Sallie Mae. I checked my credit in April of this year when I was buying a house and noticed the account for Sallie Mae was reported on two of the 3 CRA’s as closed, no entry at all for the 3rd. The notations stated account sold or transferred and the last activity was reported in 2010. I started checking my credit monthly since April and no change until a few days ago. There are now two open accounts for AES/SunTrust for the amounts of 86K and 9K respectively! I asked my ex if she knew about it and was told she went through some program to to get out of default ( guessing a loan rehab based on frantic Googling). Not sure where to go with this. I concede that I should have been a little more vigilant over the years about the status, but I also was more focused on other things and did not expect this. That being said, do I have any recourse? Obviously, I do not feel I owe that amount and am a little concerned that my relatively sound financial health is in jeopardy. Any insight would be appreciated. Thank you in advance.

I can’t answer your questions on this forum. Please contact my firm direct for assistance.

I have been a single parent for six years. At the time of my divorce I still had five of our eight children still at home. Now at this point seven are raised and one is still at home (11th gr). I have always been a stay at home mom for the 23 years of marriage . Having only a GED I decided to go back to school in Fall 2009. I needed remedial math and English so elementary that it took me three semesters to make it into the 101 classes. In Spring 2014 I received an AA degree. Which is a two year degree that took me three and a half years to compleat because of being placed in wrong classes by the Tech school. I owe an obscene amount of student loans. Nearly $40,000. Honestly, I do not know how. Last year it was $22,000…. Anyways, I received a letter from the Fed Gov via email notifying me that come this Dec I will owe $495 each months. The only income I have is alimony of $2,100 a month with a court order to continue to pay $1,500 each month to mortgage (inex’s name). I am now 57 yr old. I have applied for work to no avail. I can not collect any social security until age 70 when my ex retires; because my ex is seven yrs younger than me. I do not have any health care and I have applied for ‘Obama Care’ but i cant afford it. What are my options regarding my horrid student loans? Can they take my house away? I am sending this from my phone so it might have a good many mistakes. Please, can you help give me info about the student loans? Please contact me via email. Thank you so much.

Okay so I just found out my loans are in default. I had no idea I had an agreement to pay them back at $50 a month where they were taking it out of my bank account and apparently just stopped unbeknown to me. I know I should pay closer attention to my bank statement. So they passed it on to a creditor who is calling me and saying I have to pay 900 a month. I do not even make that in a month. They will go by my income but are adding my husbands in on it. How do I get them to just go by my income and get this payment lowered? Please help.

If this is a Federal loan, the only way for them to ignore your husband’s income is if you file your taxes separately.

Joshua, my father consigned on my son’s federal and private loans. My son passed away. Is my father also released from the federal loans? Can the private loans come after him for payment? Someone is calling him daily but we are not sure if it’s the federal or the private. I did not notify the federal loans that he has died yet.

There is rarely a co-signer required for a fed loan. Are you sure he co-singed on a federal loan? If he co-singed a private loan, he owes it. It doesn’t go away just because the student died. That being said, some lenders will release the co-signer, but that is at the discretion of the lender.

I now owe over $250k to sallie mae after deferring and using forbearance for the last 20 years. My mom wants me to get a life insurance policy to help care for my minor son in case anything happens to me. Would sallie mae be able to get the insurance proceeds to pay off my loans? Thank you

No. Federal loans die with you.

My grandfather cosigned a private sallie Mae student loan. He died last year. I just received notice that it is in default and to be written off as bad debt. The person he signed for is still alive and not a family member. What will happen if I notify them that he is deceased?

Could we lose his house?

That’s a matter of state law. I cannot answer that.

Nothing. SM will chase the surviving borrower.

I consolidated my student loans. Form 1098-E reported student loan interest received by lender in the amount of $15,582.33 and the second form reported $1,157.45 interest received. Is it possible to adjust my income by the total amount reported paid? If the income can’t be adjusted is there anyway it can be claimed as an itemized deduction. The loans were to further my career as an educator.

You need to talk to a tax professional for this question.

Who do i owe student loans to

During college I got a job with the financial aid office as part of a work study program. There, I saw the dark side of the college financial aid system.

I decided that it was unacceptable for college students to be put into student loan debt slavery and kept in the dark about their options for freedom.

Now I help people who struggle with student loan problems.

Who do i owe student loans to Who do i owe student loans to

Who do i owe student loans to

If You Owe Student-Loan Debt, the Government Can Garnish Your Social Security Benefits

(Andrew Bossi, CC BY-NC-SA 2.0)

America’s student-loan crisis has gotten so bad that the debt that many Americans incurred in their youth is now following them to their graves. From 2005 to 2013, senior-citizen student debt skyrocketed from $2.8 billion to $18.2 billion.


For about 160,000 people, having student loans also means losing a portion of their Social Security check. Until 1996, it was against the law to garnish Social Security benefits to pay debts, but that protection was stripped for debts owed to the federal government. As a result, seniors and others who depend on Social Security have their benefits garnished for student-loan payments.

Recently, Michelle Chen wrote about how, despite the rising cost of higher education, an increasing number of faculty at colleges and universities are cobbling together poorly paid adjunct positions. Earlier this year, George Zornick looked into Hillary Clinton’s plan for debt-free college and Zoë Carpenter covered Elizabeth Warren’s response to the Corinthian College closures. And back in May, The Nation joined a coalition to deliver 240,000 signatures to Elizabeth Warren’s office calling for the cancellation of all student debt.

NationAction The Nation’s Take Action program directs readers to meaningful actions on a range of critical issues.

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