Fun Fact Friday: Student Loans

If you pass away while you still have federal student loans outstanding, those loans are discharged. There is some paperwork for your family to do to prove that you've passed, but it's pretty minimal.

If you die while you still have private student loans outstanding, your estate may have to pay those loans before any of your estate can go to your family. Check the terms of the loan yourself and contact an estate planning attorney if this is the case for you. The attorney will be able to help you minimize the amount of your estate going to pay the private loans and maximize the amount going to your family.