In order to attend an online college, an individual may need to seek financial assistance to pay for tuition. Federal and private loans can help individuals earn a postsecondary education, but the financial burden may carry on for years after a student graduates from college.
When a borrower passes away or becomes permanently disabled, the loan debt may be carried over to the family of the student. However, Wells Fargo recently changed its policy regarding student loan debt that is typically passed on to loved ones, according to the Wall Street Journal. After scrutiny from lawmakers and borrowers alike, the lending company says it will begin forgiving loans that belong to a student who has died or become disabled.
“We constantly are looking at our policies and looking at how our policies match up to customer needs,” Wells Fargo vice president of enterprise partnerships Bonnie Wallace told the news source.
The average salary for students who graduated with bachelor’s degrees or higher in 2008 was $45,000 per year, according to the U.S. Department of Education. As more individuals strive to earn a postsecondary education through traditional and online colleges, student loans are growing in popularity.