# If I take on lots of OSAP loans and then I die, who pays the loans?



## Leafs (Jul 12, 2010)

If I take on OSAP loans and then I die or for some reason can't work, what happens to my loans? I've looked on the OSAP website, but it doesn't say. Will me parents have to pay it back for me? Will it be forgiven? What happens?

Thanks


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## MoneyGal (Apr 24, 2009)

Your estate would be responsible for the debt, and your assets (if any) would be liquidated to cover the outstanding amount. If the estate doesn't have enough assets to cover the debt, the creditor will write off the debt. 

Unless your relative has co-signed for a debt (not a student loan; I'm speaking about debt generally), they are not required to repay any amounts you had outstanding at death.


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## Racer (Feb 3, 2010)

MG is exactly right. 

I'd only add that sometimes family members are asked by the creditor to pay back the loans, even though they don't have to. Depending on the values of the family member, and whether they have consulted a lawyer, the family member has felt pressured to pay it back or has felt a moral obligation on their own to pay it back.

It's less of a concern for loans like OSAP, who don't use dodgy debt collection agents, and more of a concern for credit card debts. 

It's one more reason to have a will that appoints an executor -- it helps the rest of the family by letting them say to a creditor "oh, the person you need to talk to is so-and-so".


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## dagman1 (Mar 3, 2010)

God.


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## jennyS (Jan 26, 2015)

Good question! I'll get to the point directly. If those debts are not yet paid off when you die, your properties will be liquidated to settle them. However, if these are not enough to cover your debts, then your loved ones will be the ones to pay them off. There's massive cash in zombies and the zombie apocalypse. Credit George Romero, “Resident Evil,” “The Walking Dead” and a host of other popular culture resources for that phenomenon. But the business of zombies and zombie tradition is not all fun and games. There's a darker aspect to “zombies” involving mind control drugs, kidnapping, extortion and mind-numbing weapons engineering that's sure to give even the most skeptical individuals a scare.


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