Is the child responsible for the Parent PLUS Loan when the parent has passed away?
Is the child responsible for the Direct Parent PLUS Loan when the loan is under the parent that has passed away?
Specifically by the U.S. DEPARTMENT OF EDUCATION.
united-states loans student-loan college
edited Feb 26 at 20:54
yoozer8
2,20341123
asked Feb 26 at 19:38
useruser
803159
add a comment |
Is the child responsible for the Direct Parent PLUS Loan when the loan is under the parent that has passed away?
Specifically by the U.S. DEPARTMENT OF EDUCATION.
united-states loans student-loan college
edited Feb 26 at 20:54
yoozer8
2,20341123
asked Feb 26 at 19:38
useruser
803159
add a comment |
Is the child responsible for the Direct Parent PLUS Loan when the loan is under the parent that has passed away?
Specifically by the U.S. DEPARTMENT OF EDUCATION.
united-states loans student-loan college
edited Feb 26 at 20:54
yoozer8
2,20341123
asked Feb 26 at 19:38
useruser
803159
Is the child responsible for the Direct Parent PLUS Loan when the loan is under the parent that has passed away?
Specifically by the U.S. DEPARTMENT OF EDUCATION.
united-states loans student-loan college
united-states loans student-loan college
edited Feb 26 at 20:54
yoozer8
2,20341123
asked Feb 26 at 19:38
useruser
803159
edited Feb 26 at 20:54
yoozer8
2,20341123
asked Feb 26 at 19:38
useruser
803159
edited Feb 26 at 20:54
yoozer8
2,20341123
edited Feb 26 at 20:54
yoozer8
2,20341123
edited Feb 26 at 20:54
yoozer8
2,20341123
2,20341123
asked Feb 26 at 19:38
useruser
803159
asked Feb 26 at 19:38
useruser
803159
asked Feb 26 at 19:38
useruser
803159
803159
add a comment |
add a comment |
2 Answers
2
active
oldest
votes
No:
From The Federal Student Aid Office of the US Department of Education:
What happens to my parent's PLUS loan if my parent dies or if I die?
Your parent's PLUS loan will be discharged if your parent dies or if you (the student on whose behalf your parent obtained the loan) die.
answered Feb 26 at 19:49
D StanleyD Stanley
58k10169176
4
fascinating that the student's death (not just the parent's death) causes the loan to be discharged.
– De Novo
Feb 27 at 6:54
add a comment |
Also note that when it says a loan will be discharged, the IRS considers that a monetary windfall to be taxed. So you would likely still owe money to the IRS for the year that the loan is discharged. Talk to a CPA or tax attorney if this will place an undue burden on your financial situation.
answered Feb 27 at 14:59
user82922user82922
111
1
This is a nice answer, and would be even better if you could provide a source/link.
– TTT
Feb 28 at 1:58
2
"you would likely still owe money to the IRS": Who is "you" here? I'd assume it's the estate of the deceased parent that owes taxes, but that the child doesn't owe anything directly (though the taxes may reduce their inheritance, if any).
– Nate Eldredge
Feb 28 at 18:26
add a comment |
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2 Answers
2
active
oldest
votes
2 Answers
2
active
oldest
votes
active
oldest
votes
active
oldest
votes
No:
From The Federal Student Aid Office of the US Department of Education:
What happens to my parent's PLUS loan if my parent dies or if I die?
Your parent's PLUS loan will be discharged if your parent dies or if you (the student on whose behalf your parent obtained the loan) die.
answered Feb 26 at 19:49
D StanleyD Stanley
58k10169176
4
fascinating that the student's death (not just the parent's death) causes the loan to be discharged.
– De Novo
Feb 27 at 6:54
add a comment |
No:
From The Federal Student Aid Office of the US Department of Education:
What happens to my parent's PLUS loan if my parent dies or if I die?
Your parent's PLUS loan will be discharged if your parent dies or if you (the student on whose behalf your parent obtained the loan) die.
answered Feb 26 at 19:49
D StanleyD Stanley
58k10169176
4
fascinating that the student's death (not just the parent's death) causes the loan to be discharged.
– De Novo
Feb 27 at 6:54
add a comment |
No:
From The Federal Student Aid Office of the US Department of Education:
What happens to my parent's PLUS loan if my parent dies or if I die?
Your parent's PLUS loan will be discharged if your parent dies or if you (the student on whose behalf your parent obtained the loan) die.
answered Feb 26 at 19:49
D StanleyD Stanley
58k10169176
No:
From The Federal Student Aid Office of the US Department of Education:
What happens to my parent's PLUS loan if my parent dies or if I die?
Your parent's PLUS loan will be discharged if your parent dies or if you (the student on whose behalf your parent obtained the loan) die.
answered Feb 26 at 19:49
D StanleyD Stanley
58k10169176
edited Feb 26 at 20:19
answered Feb 26 at 19:49
D StanleyD Stanley
58k10169176
answered Feb 26 at 19:49
D StanleyD Stanley
58k10169176
answered Feb 26 at 19:49
D StanleyD Stanley
58k10169176
58k10169176
4
fascinating that the student's death (not just the parent's death) causes the loan to be discharged.
– De Novo
Feb 27 at 6:54
add a comment |
4
fascinating that the student's death (not just the parent's death) causes the loan to be discharged.
– De Novo
Feb 27 at 6:54
4
4
fascinating that the student's death (not just the parent's death) causes the loan to be discharged.
– De Novo
Feb 27 at 6:54
fascinating that the student's death (not just the parent's death) causes the loan to be discharged.
– De Novo
Feb 27 at 6:54
add a comment |
Also note that when it says a loan will be discharged, the IRS considers that a monetary windfall to be taxed. So you would likely still owe money to the IRS for the year that the loan is discharged. Talk to a CPA or tax attorney if this will place an undue burden on your financial situation.
answered Feb 27 at 14:59
user82922user82922
111
1
This is a nice answer, and would be even better if you could provide a source/link.
– TTT
Feb 28 at 1:58
2
"you would likely still owe money to the IRS": Who is "you" here? I'd assume it's the estate of the deceased parent that owes taxes, but that the child doesn't owe anything directly (though the taxes may reduce their inheritance, if any).
– Nate Eldredge
Feb 28 at 18:26
add a comment |
Also note that when it says a loan will be discharged, the IRS considers that a monetary windfall to be taxed. So you would likely still owe money to the IRS for the year that the loan is discharged. Talk to a CPA or tax attorney if this will place an undue burden on your financial situation.
answered Feb 27 at 14:59
user82922user82922
111
1
This is a nice answer, and would be even better if you could provide a source/link.
– TTT
Feb 28 at 1:58
2
"you would likely still owe money to the IRS": Who is "you" here? I'd assume it's the estate of the deceased parent that owes taxes, but that the child doesn't owe anything directly (though the taxes may reduce their inheritance, if any).
– Nate Eldredge
Feb 28 at 18:26
add a comment |
Also note that when it says a loan will be discharged, the IRS considers that a monetary windfall to be taxed. So you would likely still owe money to the IRS for the year that the loan is discharged. Talk to a CPA or tax attorney if this will place an undue burden on your financial situation.
answered Feb 27 at 14:59
user82922user82922
111
Also note that when it says a loan will be discharged, the IRS considers that a monetary windfall to be taxed. So you would likely still owe money to the IRS for the year that the loan is discharged. Talk to a CPA or tax attorney if this will place an undue burden on your financial situation.
answered Feb 27 at 14:59
user82922user82922
111
answered Feb 27 at 14:59
user82922user82922
111
answered Feb 27 at 14:59
user82922user82922
111
answered Feb 27 at 14:59
user82922user82922
111
111
1
This is a nice answer, and would be even better if you could provide a source/link.
– TTT
Feb 28 at 1:58
2
"you would likely still owe money to the IRS": Who is "you" here? I'd assume it's the estate of the deceased parent that owes taxes, but that the child doesn't owe anything directly (though the taxes may reduce their inheritance, if any).
– Nate Eldredge
Feb 28 at 18:26
add a comment |
1
This is a nice answer, and would be even better if you could provide a source/link.
– TTT
Feb 28 at 1:58
2
"you would likely still owe money to the IRS": Who is "you" here? I'd assume it's the estate of the deceased parent that owes taxes, but that the child doesn't owe anything directly (though the taxes may reduce their inheritance, if any).
– Nate Eldredge
Feb 28 at 18:26
1
1
This is a nice answer, and would be even better if you could provide a source/link.
– TTT
Feb 28 at 1:58
This is a nice answer, and would be even better if you could provide a source/link.
– TTT
Feb 28 at 1:58
2
2
"you would likely still owe money to the IRS": Who is "you" here? I'd assume it's the estate of the deceased parent that owes taxes, but that the child doesn't owe anything directly (though the taxes may reduce their inheritance, if any).
– Nate Eldredge
Feb 28 at 18:26
"you would likely still owe money to the IRS": Who is "you" here? I'd assume it's the estate of the deceased parent that owes taxes, but that the child doesn't owe anything directly (though the taxes may reduce their inheritance, if any).
– Nate Eldredge
Feb 28 at 18:26
add a comment |
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