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Most private loans are charged against your estate when one dies so if married it is typically still due.So I'm in the process of figuring out paying off student loans early vs investing vs paying off house quicker blah blah blah. Anyway, my loans are currently government-backed loans with Nelnet as the servicer, meaning that if I die an untimely death my student loans disappear and my wife doesn't have to worry about them. I'm looking at refinancing with SoFi, but am wondering - if I refinance my student loans with a private entity, is that private loan also discharged upon death or would my wife be responsible for it? Hopefully won't be an issue either way lol, but thought I'd ask.
I would only refinance if I can get better terms or better interest rate. However, if Sofi's, which most likely would have to be paid off from your estate in case you decease, interest rate is better, then you can get a cheap term life insurance for the next 5-10 years and pay that while you paying off the student loan. Once that is paid off, you can either cancel the life insurance or use it to cover the mortgage in your home.