Private Student Loans | Milwaukee, WI

Milwaukee 414-250-7880         Madison 608-465-4594         Green Bay 920-626-3125

brand-logo_new
Serving all of Wisconsin
Toll-free 866-906-5634  Milwaukee  414-250-7880     Madison  608-465-4594     Green Bay 920-626-3125

Our 3 Step Process

Step 1:
Get Out Of Debt

Step 2:
Clean Up Your Credit

Step 3:
Build Your Score

Home 9 Firm News 9 Private Student Loans

Private Student Loans

by | Jan 12, 2011 | Firm News

If you are planning to apply for a private student loan that requires a co-signer, or are considering co-signing such a loan, beware of the following: If the student passes away, the lender can still demand payment from any co-signer. This is different from Federal Student Loans, which are discharged if the student passes away.

In the Fall, the U.S. House of Representatives passed a bill that would require private lenders to disclose this policy to anyone co-signing a student loan, however, the bill has yet to gain any traction in the Senate.

It is recommended that anyone who has co-signed a private student loan take out a 20 year term life insurance policy on the student for the amount of the loan to ensure you will be fully protected if the student were to pass away.