If someone dies, what happens to the Canada student loans that she owes?
Is the debt forgiven or does the family have to pay. What do you mean by the Estate?
Financial Aid - 3 Answers
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1 :
the debt is placed against the estate - if there's no money in the estate, then the debt it forgiven. so, in other words, no, the family doesn't have to pay, but the money will be taken out of the estate first (if there is one).
2 :
Family only pays is they co-signed for the debt. Otherwise the estate of the dead person will use any assets to repay the debt, if there aren't any, the debt goes unpaid.
3 :
What they mean by the estate is that if they have any assets such as property or bank account that can be liquidated to pay for the student loans.
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