Can I legally change a student loan from my name into my sons name who the loan was originally taken out for?

Asked almost 5 years ago - Crest Hill, IL

When my son went to trade school we started him out by taking out two student loans for him with the agreement that he would repay these loans in addition to the others he had to take out once he was in school. Currently he is not paying every month on his current loans and has not payed anything on the loans we started for him. Now the loans have gone to collections and we may have our wages guaransheed. We have asked him several times to take over the payments and he says he is going to. We have now spoken to the collection agency and have set up a payment plan. While we did this we also found out that there is over 3,000.00 in late fees and interest and other fees.

Legally is there anything we can do to change the loans to be in his name only?

Attorney answers (2)

  1. Teri A. Walter

    Contributor Level 19

    Answered . Sorry, when you took out the loan, you agreed to repay the lender. The lender is not going to release you because you used the money for your son and he didn't meet his obligation to you.

  2. Joshua R.I. Cohen

    Contributor Level 13

    Answered . Sounds like these are private loans. You should check the promissory notes regarding late fees and collection charges. You should also asked the collection agency for a full accounting to make sure the claimed fees add up and are justified. I suggest you find a consumer attorney in your state who would be interested in double checking everything. If the collection agency has misrepresented the amount or status of the debt, it may owe you money, which you could in turn apply towards the debt. Also, the threat to garnish wages is probably a bit much. If this is a private loan, the only way your wages can be garnished is if you are sued and lose. Not all lenders bring suit. This is another reason to find a consumer attorney in your state. Good luck.

Related Topics

Debt

There are different types of debt, but all involve one person (the debtor) owing money to another (the creditor). Terms of repayment are governed by a contract.

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