Wells Fargo will now forgive student loans upon the event of a beneficiary's death or incapacitation, Dow Jones reports.
In previous cases, the co-signer of a student beneficiary would have to continue paying the loan even on the occasion of death or disability of the student.
Earlier this month, Sen. Frank Lautenberg (D-NJ) introduced the Christopher Bryski Student Loan Protection Act to require lenders to clarify the stipulations of loan repayment in the event of death.
The act was named for Christopher Bryski, a Rutgers student who eventually died after being permanently disabled in an accident. His family continues to pay his $44,500 student loan debt.
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