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Taking on Undergrad student loans from parents - Questions

Started by magtree22, January 11, 2016, 03:59:11 pm

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magtree22

My parents took on a good deal of my student loans for my undergrad. Any advice on how to take that on in my name?

What are the negative consequences of doing this?

I'm considering graduate school. Could assuming this debt prior, assist with future financial aid/assistance?

TheCollegeInvestor

There isn't an easy way to do this other than refinancing into a private student loan with your name on it.

Yes, there are a TON of negative consequences to doing this:
- You're now responsible for the debt, which means you'll have to pay the bill each month
- This could harm your credit if you miss a payment
- It could prevent you from getting private graduate school loans without a cosigner

The bottom line is that your parents took out the debt full knowing what they were getting into (or at least should have known). You're under no legal obligation to take on the loans. You could as a courtesy, but a better solution would be to simply cut your parents a check each month and reimburse them.