Quite often I do come across people who'd say that it's absolutely necessary to have life insurance in order to apply for a student loan? Is it a requirement?
Total Comments: 14
Posted: Wed Nov 10, 2010 05:03 pm Post Subject:
ABSOLUTELY NOT!
Posted: Wed Nov 10, 2010 05:05 pm Post Subject:
No way. In fact, most states have laws that prevent that from happening.
InsTeacher 8)
Posted: Wed Nov 10, 2010 09:10 pm Post Subject:
If it is a private loan, insurance can be mandated.
Max, yes, I'll lend you $100,000 so you can go to law school. However, I will only lend this to you if you name me as a beneficiary on your life insurance so that I can be guaranteed to get my money back if you die.
Posted: Thu Nov 11, 2010 05:14 am Post Subject:
If it is a private loan, insurance can be mandated.
I doubt this was the intent behind the post. Notice the opening statement: Quite often I come across . . . What you are suggesting is a rare occurrence compared to the tens of thousands of student loans applied for each year.
So what's the interest rate you're offering?
Posted: Thu Nov 11, 2010 05:23 am Post Subject:
Max, you're right. I wasn't even thinking private sources in the pure sense. My brain immediately went to Stafford loans which do not require to be backed by life insurance.
InsTeacher 8)
Posted: Wed Nov 17, 2010 10:31 am Post Subject:
Max,
I'll offer the loan to you at 27% interest. You'll have to collaterally assign your life insurance to me and I'll need your house as collateral in case you stay alive and don't pay.
On this board, it doesn't matter what the question asker means because they are never coming back to see the answer.
Posted: Wed Nov 17, 2010 06:19 pm Post Subject:
Sorry . . . but I never borrow above 23.99%, but thanks for the offer :)
On this board, it doesn't matter what the question asker means because they are never coming back to see the answer.
Sad, but too often true!
Posted: Fri May 13, 2011 07:35 pm Post Subject:
Not necessarily but it is for the benefit of the company where you get your student loan. In case something bad may happen to you (hope not) , somebody will shoulder your debts.
Posted: Sat May 14, 2011 09:12 am Post Subject: insurance
I realize this is an older post..however....I'm just curious where someone heard that you have to have Life Insurance to apply for a Student Loan. I've applied for a few Student Loans, myself. NEVER was I asked a question like like.
Posted: Sat May 14, 2011 09:13 am Post Subject: Insurance
Actually..(correct me if I'm wrong, please) but, isn't there a clause in ANY kind of loan you have that "in the event of your death, the loan is paid off?" :?
Posted: Wed Nov 10, 2010 05:03 pm Post Subject:
ABSOLUTELY NOT!
Posted: Wed Nov 10, 2010 05:05 pm Post Subject:
No way. In fact, most states have laws that prevent that from happening.
InsTeacher 8)
Posted: Wed Nov 10, 2010 09:10 pm Post Subject:
If it is a private loan, insurance can be mandated.
Max, yes, I'll lend you $100,000 so you can go to law school. However, I will only lend this to you if you name me as a beneficiary on your life insurance so that I can be guaranteed to get my money back if you die.
Posted: Thu Nov 11, 2010 05:14 am Post Subject:
If it is a private loan, insurance can be mandated.
I doubt this was the intent behind the post. Notice the opening statement: Quite often I come across . . . What you are suggesting is a rare occurrence compared to the tens of thousands of student loans applied for each year.
So what's the interest rate you're offering?
Posted: Thu Nov 11, 2010 05:23 am Post Subject:
Max, you're right. I wasn't even thinking private sources in the pure sense. My brain immediately went to Stafford loans which do not require to be backed by life insurance.
InsTeacher 8)
Posted: Wed Nov 17, 2010 10:31 am Post Subject:
Max,
I'll offer the loan to you at 27% interest. You'll have to collaterally assign your life insurance to me and I'll need your house as collateral in case you stay alive and don't pay.
On this board, it doesn't matter what the question asker means because they are never coming back to see the answer.
Posted: Wed Nov 17, 2010 06:19 pm Post Subject:
Sorry . . . but I never borrow above 23.99%, but thanks for the offer :)
On this board, it doesn't matter what the question asker means because they are never coming back to see the answer.
Sad, but too often true!
Posted: Fri May 13, 2011 07:35 pm Post Subject:
Not necessarily but it is for the benefit of the company where you get your student loan. In case something bad may happen to you (hope not) , somebody will shoulder your debts.
Posted: Sat May 14, 2011 09:12 am Post Subject: insurance
I realize this is an older post..however....I'm just curious where someone heard that you have to have Life Insurance to apply for a Student Loan. I've applied for a few Student Loans, myself. NEVER was I asked a question like like.
Posted: Sat May 14, 2011 09:13 am Post Subject: Insurance
Actually..(correct me if I'm wrong, please) but, isn't there a clause in ANY kind of loan you have that "in the event of your death, the loan is paid off?" :?
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