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It’s not unusual to hear people struggling with their student loan debt bemoan that they feel like they’ll be paying until they die. Which begs the question: What happens to the debt at that point?
It may be a question increasingly on people’s minds, as the number of older student loan borrowers trends upward. There were 2.8 million people 62 and older who still carried student loan debt in the second quarter of 2024, up from 1.7 million borrowers in that age cohort in 2017, according to new data from the U.S. Department of Education.
This isn’t just a risk for older borrowers, either. Some financial experts recommend that families take out life insurance — to cover any remaining debt — even on younger borrowers with private or co-signed debt. Additionally, if your loan doesn’t discharge, some experts suggest refinancing to add a discharge policy
“We have worked with many families that have suffered the loss of a loved one who held …