Update: Thursday morning, Joseph Bryski -- who had cosigned the loan of his son Christopher, who died in 2006 -- received a letter from KeyBank stating that the bank decided to forgive his debt, according to an email from Christopher's brother Ryan Bryski to The Huffington Post.
When Christopher Bryski, a Rutgers University undergraduate student, died from a traumatic brain injury in 2006, his family wasn't thinking about his student loans. That is, not until KeyBank, a Cleveland-based institution with nearly $90 billion in assets, asked his parents to assume responsibility for his debt.
Last week Bryski's older brother Ryan launched an online petition in an attempt to pressure KeyBank into forgiving the debt. By Wednesday afternoon, the site had attracted more than 78,000 signatures.
"When Christopher died, my family didn't just lose a loved one -- we inherited debt for an education that will never be used," wrote Ryan Bryski on the petition titled "Key Bank: Stop forcing my family to pay my dead brother's student loans."
Christopher owed KeyBank roughly $50,000 upon his death, Ryan told The Huffington Post. "Since Christopher's death in 2006, we've paid several hundred dollars a month," said Ryan, declining to provide the specific amount owed. The family is now in negotiations with KeyBank.
The federal government cancelled its $5,000 loan to Christopher, according to the Wall Street Journal, in accordance with federal policy. But Christopher's private lender, KeyBank, happens to be one of many private institutions without a clear policy about canceling the student loan debt of a deceased individual.
Four lenders do have death and disability policies for recent loans, Wells Fargo, Sallie Mae, New York Higher Education Services Corp. and Discover Financial (which owns Citi Student Loan Corp.), said Mark Kantrowitz, a financial aid expert and publisher of Fastweb.com. "With these lenders, you send a copy of the death certificate, they verify it, and the loan is discharged. There's usually some paperwork, but it's usually straightforward."
But with most other private lenders, the outcome is less clear. Some lenders review the situation on a case-by-case basis to make individual determinations, Kantrowitz said. Others, like KeyBank, go after the cosigners.
This is what happened to the Bryski family. "Our dad has had to come out of retirement to make the monthly payments" to KeyBank, wrote Ryan in the petition, adding that KeyBank is the only lender, including credit card companies, that has not discharged debt incurred by Christopher.
"Every month we're reminded of my brother's death in the worst way every time dad puts a check in the mail to a heartless bank," Ryan Bryski added.
"Our hearts go out to this family," KeyBank spokeswoman Lynne Woodman told The Huffington Post. "However, by law we can’t discuss client matters.”
The difficulties of the Bryskis, who have fought with KeyBank to forgive the debt for a number of years, prompted the drafting of the Christopher Bryski Student Loan Protection Act in Congress. The bill would require private lenders to explain to students how their loan would be handled if they should die, though lenders would not be required to forgive the debt. The bill was first introduced in 2010 and has been reintroduced again this year.
Families wondering how to deal with the student debt of a deceased relative should contact the bank -- as opposed to the loan servicer (the third party responsible for the day-to-day management of the loan), Kantrowitz said. "Call your lender and ask to speak to the ombudsman," he said.
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.