Whats the best way to take over student loan payments from parents?

Question

When I attended college my student loans were put in my fathers name.

Now that I have graduated, I would like to take over the payments.

The loan company (Nelnet) won't let us and say we have to either make payments to my parents or get a personal loan to cover it.
My husband and I are considering the latter.

Any advice??

Answer 1

You can pay your parents without any hassle at all. Either give them a check, or cash every month when it is due, or a lump sum. OR you can set up a direct debit to pay your lender and just pay it in your parent's name.

The thing is, though, this doesn't help YOUR credit. If you can refinance for lower payments and make double you may be able to get as low of a rate as your parents as well as making a nice hike in your credit score. There are plenty of student loans that offer low rates.

Answer 2

I would just get your account information and have your dad give you the bill every month. From there just pay it every month. Getting a loan would just put you in debt and you could probably not get an interest rate as low as the student loan.

Answer 3

ur parents have loans for ur schooling.
u need to make out checks to the loan company with the proper account numbers and u'll see them cashed and applied against the loan. without a doubt.
do not get a loan to to cover this . u'l pay high costs , u'll have it on ur credit slave score. u'll waste ur cash.
visit daveramsey.com to learn what isn't taught in schools - how to own ur cash.

Answer 4

The smart thing to do is to simply pay your parents. The rate you (they) have on the student loan is almost sure to be much lower than any rate you can get refinancing it.