Here’s what happens to your student loan debt when you die

It’s hardly any secret that student loan debt is a major burden for individuals and families across the country. According to the Education Data Initiative, student loan debt in the United States totaled $1.745 trillion as of the third quarter of 2022. About 92.7% of all debt is federal student loans.

The average individual debt balance, when including both federal and private loans, is projected to be about $40,780, according to the same Education Data Initiative report.

So what happens if the worst occurs and the borrower passes away without having fully repaid their student debt? It’s an important question to consider. And the answer varies based on the type of loan in question.

What happens to federal student debt when you die?

The process for dealing with federal student debt in the event of a borrower’s passing is the most straightforward. According to the U.S. Department of Education

‘I did not ever try to commit fraud’: SBF defends his actions and distances himself from Alameda in first live interview since FTX’s collapse

Sam Bankman-Fried, or SBF, defended himself against accusations of fraud on Wednesday in his first live interview since his $32 billion cryptocurrency exchange, FTX, collapsed earlier this month.

“I didn’t ever try to commit fraud,” Bankman-Fried told reporter Andrew Sorkin at the New York Times Dealbook Summit. “I was excited about the prospects of FTX a month ago. I saw it as a thriving, growing business. I was shocked by what happened this month. And, reconstructing it, there are things that I wish I had done differently.”

The former crypto billionaire has watched his fortune—which hit $26 billion at its peak—evaporate in a matter of weeks amid FTX’s bankruptcy, and critics say his crypto empire was nothing more than a “Ponzi scheme.”

One key accusation leveled against SBF is that he used customer funds from his crypto exchange to fund risky bets at his trading firm Alameda Research.

SBF admitted

Justin Bieber, Dua Lipa and Elton John come out on top of Apple’s top songs of 2022

“Stay,” the smash hit by The Kid Laroi and Justin Bieber topped Apple Music’s global song chart in 2022 as the giant music streamer released its end-of-year lists and provided listeners with data on their own most listened-to tunes.

“Stay,” which stayed atop the Billboard Hot 100 for seven weeks this summer, was No. 1 on Apple Music’s top 100 global songs chart, staying on top for 51 days straight. Elton John and Dua Lipa’s “Cold Heart (PNAU Remix)” was No. 1 on the streamer’s Shazam chart and “We Don’t Talk About Bruno” from the movie musical “Encanto” was the song with the most-read lyrics in 2022 on the platform.

Joining “Stay” at the very top of the global songs list were “As It Was” by Harry Styles, “Wait For U” by Future featuring Drake and Tems, “Super Gremlin” by Kodak Black, “Easy on Me” by Adele, and “Heat Wave”

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Firms lured to ‘crypto hub’ Dubai have regrets thanks to FTX

On Oct. 26, days before the collapse of his crypto exchange FTX, Sam Bankman-Fried sat for lunch at an upscale Dubai restaurant, subtly testing the waters for funding at a table of founders, bankers and financiers, including Anthony Scaramucci. 

It turned out to be a final hurrah before the former billionaire’s troubles were exposed to the world. The implosion of FTX, which went from a $32 billion valuation to bankruptcy in the ensuing weeks, sent crypto markets into a tailspin, driving billions of dollars in outflows from some of the biggest global exchanges.

The aftershocks have reverberated particularly hard in the United Arab Emirates — especially in Dubai, which has been working to lure the world’s largest firms with its crypto-friendly policies. While some financial centers tightened regulations, many UAE officials promoted virtual assets as a gold mine for economic growth and pivotal in the nation’s diversification strategy beyond fossil