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Defaulting on student loan

  • 21-06-2012 9:35am
    #1
    briankirby
    Registered Users, Registered Users 2 Posts: 148 ✭✭


    Just seen this mentioned on another website. Doesnt apply to me.
    If someone defaults on their student loans can their estate be touched?(if the mortgage was already paid or in the process of being paid).
    I assume ones credit rating would be affected but apart from that?
    The guy was going back to do dentistry aged 50,would be 200k in debt and said he would probably die before he managed to pay the loans back?
    Thanks guys


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    briankirby wrote: »
    Just seen this mentioned on another website. Doesnt apply to me.
    If someone defaults on their student loans can their estate be touched?(if the mortgage was already paid or in the process of being paid).
    I assume ones credit rating would be affected but apart from that?
    The guy was going back to do dentistry aged 50,would be 200k in debt and said he would probably die before he managed to pay the loans back?
    Thanks guys

    Possibly but not easily.

    I dont know much about these large student loans med students get but I will assume their is no property they are secured on. However there may be in case.

    If the guy was still alive when defaulting he could be taken to court and have a judgment sought, more than like this would be granted. The banks could then apply for a judgment mortgage which secured the debt on the property, For a large debt the banks could force a sale of the property.

    If the person passes away then the executer of the estate will deal with any outstanding debts from funds of the estate. Possibly life insurance will cover, unsure of this.


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