Many Parents Have to Pay Off Dead Kids Student Loans
Topic: Children and Family
Source: CNN
Probably the last thing parents mourning a deceased child want to do is deal with late notices from creditors—especially when those notices are for a student loan taken out by their lost loved one. That's what happened to pastor Steve Mason, who found himself saddled with a $100,000 bill after his 27-year-old daughter died five years ago, leaving him and his wife to raise their three grandkids on the relatively modest salaries they both earn at a local church, reports CNN. As a co-signer on his daughter's private student loans, Mason was on the hook for her IOU, which turned into $200,000 after interest and late fees piled up. While there's been some governmental progress at alleviating the heavy burden of student debt—which grew nationwide at an average clip of 6% per year between 2008 and 2012, according to the Project on Student Debt—families like the Masons who have lost a child find themselves in a troublesome situation
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Friday 01 August 2014 - 00:01:55