Core Insights - The total student loan debt in the U.S. is approximately $1.6 trillion as of June 2024, affecting many Americans [1] - The article discusses the implications of unexpected student loan debt, particularly in the context of a parent's death and the responsibility for repayment [2] Group 1: Types of Student Loans - There are distinct categories of student loans: those taken out by parents and those taken out by students, applicable to both federal and private loans [3] - Parent PLUS Loans and private parent loans are specifically the types of loans for which parents are solely responsible [4] Group 2: Debt Responsibility - In the scenario presented, Dave is not directly responsible for the debt incurred by his father, as the loans were not taken out in his name and he did not cosign [5] - The fate of the debt depends on the type of loans taken out by Dave's father; it may either be absolved or pursued from the father's estate by creditors [5] Group 3: Creditor Actions - Generally, creditors cannot collect debts from surviving family members unless specific conditions are met [6]

If you borrowed money for college for yourself or your child, you may be eligible for the student loan interest deduction, which can reduce your taxable income by up to $2,500. You’re only eligible for the tax deduction if you paid student loan interest during the tax year. If you didn’t make student loan payments in 2025 because your loan was in forbearance, deferment, or default, you won’t qualify to deduct student loan interest. To take advantage of the student loan interest deduction, it’s important ...