How Do I Transfer My Student Loans Into My Parent’s Name? – Erika

“Dear Steve,

My Parents are not US Citizens, but have visas and bank accounts in the US, my father is a very well known business man in Mexico. He asked me to take put some student loans to help him out paying for my college and agreed to pay them off when I’m done. The deal still stands until this date, but now that I’m graduating, it almost feels like there’s a catch to keep me… “under their roof?”

so anyway, I wanted to know if there is a way to transf the debt to him, if there’s a form of some sort I know he will sign it and would have no problem stating and signing that he is now the one to pay the student loan, just wanted to know if there is actually a formal way to do this. A contract of some sort? So that there will be no string attached and him backing ut of paying my loans because of something he disagrees with.

Any suggestions?

Thanks!

Erika”

Dear Erika,

I do not know of any way to accomplish this other than for him to pay off the old loans with a new loan in his name.

Please post your responses and follow-up messages to me on this in the comments section below.

Steve Rhode Debt Coach and Author

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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