The landscape for student loans is on the cusp of changing drastically. With recent changes in New York State potentially offering free tuition to millions of students down the road, the end of student loans — at least in New York — may very well be on the horizon.
Of course, that doesn’t do much for those who are still struggling to pay back the loans they’ve accrued. The reality is that most college graduates are entering the workforce with about $30,000 in debt. Depending on their degrees and schools attended, that number creeps up past $50, $75 or even $100,000. While worrying about paying back your student loan debt, the thought may have crossed your mind — what happens to my student loans when I die?
Although not one of the most obvious parts of estate planning, understanding the role of student loans and what will happen when you pass is important. Here are some important factors to consider:
So while what happens to your student loans will depend on your type of loan or even the specific bank you used, understanding those specifics and planning accordingly is key. Call our office at 235-5885 with any questions or for a free consultation. Often times, setting up an estate plan to protect you and your family only takes a short meeting.