Estate liability for co-signer to Sallie Mae student loan?

Question

My son has student loans. I co-signed on three that are currently with Sallie Mae. He stopped paying so I am doing that in order to protect my own credit. What is my estate's liability should I die before the debt is discharged? As a co-signer, does my obligation end with my death if my son is still around?

Answer 1

Your estate would still be responsible for paying off the debt. That is your responsibility as a co-signer. Occasionally, people take out life insurance as part of the loan, which (depending on the terms) may kick in upon your death and pay off the loan.

If your son has stopped paying the loans, you may want to consider garnisheeing any wages he earns to reduce your exposure.