When a close friend or family member passes away, student loans are an afterthought. Unfortunately, a student loan cosigner dying can negatively affect the borrower, even if the borrower has never missed a payment. The Big Danger: Auto-Default An auto-default is a provision lenders sometimes write into student loan contracts …
Tip for Married Couples: Don’t Cosign Loans
In most marriages, couples share their finances. Each spouse contributes their income to the family coffers, while each spouse treats the other’s debt as a shared obligation. Because of this shared effort to pay off debt, cosigning a spouse’s refinanced or consolidated student loan sounds like a no-brainer. Cosigning a …
When Student Loan Borrowers and Their Cosigners Need Life Insurance
It is never fun to think about student loans. It is even less fun to think about your death or the death of a loved one. This article will hit both subjects in explaining why student loan cosigners and borrowers should have life insurance policies. I’ll also cover one shortcut …