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Parent PLUS loans may be discharged if the student for whom the parent received the loan dies.
You can also click here to help you tell the difference between government and private loans. Ford Direct loans are made directly from the Department of Education to students, without the involvement of a private lender.
Some private lenders will use their discretion and agree to discharge loans when a borrower or co-borrower dies.
Yes, if you are eligible for the public service loan forgiveness program.
It is a good idea to consult a tax professional for more information. Once you are delinquent for a certain period of time (usually nine months for federal loans), your lender will declare the loan to be in default.
The entire loan balance will become due at that time. The government can also seize tax refunds, garnish wages without a court order, take a portion of Social Security payments, and charge very large collection fees. You can postpone repayment through deferment or forbearance — or with a private loan, through any other way you can negotiate with your lender.
However, it can also lengthen the period of repayment and therefore increase the total amount you will pay in interest over the life of the loan.