By Brenda Flanagan
Correspondent

Most college kids have heard the saying, “Nothing’s certain but death and taxes,” however, few realize even death may not end some student loan obligations. Since students don’t have nine lives, we asked a few at Stevens Institute.

If you die what happens? Who pays the loan? “I have no idea,” said one student.

Well, if your student loan’s federal — backed by the government — it could be discharged, forgiven, if the borrower or co-signer dies. But if it’s a private student loan, some lenders regard death as a loan default. They might sue for full payment, says attorney Jennifer Weil.

“If a judgment is entered after the lawsuit, that could become a lien against maybe the parents’ home. So yeah, it could get really bad and a lot of people don’t realize how bad it can get,” Weil said.

It got very bad for Christopher Bryski’s family after the 23-year-old Rutgers student suffered serious head injuries in a fall. Private lender Key Bank kept calling his parents, who had co-signed the loan.

Christopher’s brother, Ryan, would answer and tell them, “My brother’s laying in a coma a few feet away and I have to step out of his room in ICU to take your call to tell you the same thing I’ve told you five, six, seven, eight, nine, 10 times already.”

After Christopher died, the bank eventually worked out a settlement with his parents. But other families find themselves facing the same emotional and financial agony.

“It was heartless on the lender’s part. And do you blame that on the lender? I don’t know. Do you blame that on lack of federal oversight to it?” Ryan asked.

“His family — instead of getting a note of condolences — got a demand for payment as co-signer of his student loans. And that’s fundamentally wrong,” said Sen. Bob Menendez.

Menendez has drafted legislation — called “Christopher’s Law” — which would clarify private student loans. It calls for clear language, explaining consequences if the borrower or co-signer dies, conditions that could discharge the loan, and an end to automatic default.

“This is about giving families a fighting chance that — God forbid — their loved one, something happens to them, that they don’t end up with an inordinate amount of debt they won’t be able to afford to pay,” Menendez said.

Attorneys urge students — avoid private loans if you can, and read the fine print.

“Nothing’s free and stuff has to be paid for, but at the same time, I’m sure that is very hard for families to deal with,” said student Kaitlyn Sullivan.

“Like, the loans still are something in the back of your head that keep you up at night,” said Justin Corcoran.

Congressman Bill Pascrell will introduce a companion measure in the House. Unless you have nine lives, it’s a worrisome issue for both borrowers and co-signers.

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