by Erie Insurance on October 13, 2021
Source: https://www.erieinsurance.com/blog/life-insurance-for-student-loans
A college degree is a necessary ticket to many careers – but it often comes with a steep price tag.
On average, class of 2019 college graduates borrowed $30,062 in loans, according to data reported to U.S. News. Meanwhile, the collective student loan debt in the United States is around $1.7 trillion.
Those numbers are concerning for college students, graduates and their families – especially parents who may have co-signed on private student loans.
Dealing with debt is one of the last things anyone wants to think about while they’re grieving. That’s why it helps to understand the financial ramifications of your student loans ahead of time – including how they could impact your family’s finances and credit if you’re gone.
It’s an uncomfortable question, but a common one: If I pass away unexpectedly, what happens to my student loan debt?
For personalized advice for your unique situation, consult a financial adviser or a lawyer. Generally speaking, here’s how it works. Continue reading “Can Life Insurance Cover Student Loan Debt?”
