WASHINGTON (AP) - Some student loan borrowers who had a parent or grandparent co-sign the note are finding that they must immediately pay the loan in full if the relative dies. The Consumer Financial Protection Bureau says lenders have clauses in their contract that explain this could happen, but many borrowers are not aware of them. The agencys ombudsman, Rohit Chopra, said complaints related to this issue are growing more common because the practice is catching so many consumers by surprise. Some borrowers told to pay back the loan in full have been making timely payments, Chopra said.
Posted on: Tue, 22 Apr 2014 20:09:25 +0000
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