Senator wants to ensure student loan debt is discharged upon death
ALBANY, N.Y. -- U.S. Senator Charles E. Schumer revealed new legislation Thursday called Andrew's Law, in honor of Andrew Prior, who was killed by a drunk driver shortly after graduating from college.
Prior had one federal loan and three outstanding private student loans at the time of his death, which were cosigned by Andrew's parents. The federal loan and two of the private loans were forgiven shortly after Andrew's passing, yet it took over two years, and Schumer's aggressive intervention last week, for the loan servicer to forgive the remaining student loan debt.
While federal student loans are required by law to be discharged in the event that the borrower dies, the same requirement does not apply to private student loans. Schumer's new legislation would help ensure that the unnecessary financial and emotional strain experienced by the Prior family is not repeated. Schumer's legislation would require that private student loans be discharged if the borrower dies, ensuring that parents who had co-signed the loan are no longer held liable for the debt.
Currently, all federal student loans are required to be fully discharged if a family member or other representative provides a certified copy of the death certificate to the lender or loan servicer. Schumer's legislation would apply the same treatment for all prospective private student loans.
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