I borrowed $45,000 through sallie mae about 2 years ago as a favor to my boss/best friends dad who needed it for the business he owns, of which i am an employee (with a bright future). The business pays the loan monthly,but I am still scared about anything going wrong in the future and being stuck with this loan in my name . Is there any way to have the business officialy assume responsibility for this loan so I can breath easy? Does having this student loan hurt my credit?
2007-10-09 11:03:06 · 4 answers · asked by SomeRandomGuy 3 in Business & Finance ➔ Credit
um, no..its not a federal loan so they really could care less what you use it for as long as you pay for it, genius.
2007-10-09 11:25:14 · update #1
Sorry Dude, you're stuck with the debt. Student loans are taken out under your name, with the understanding that you will use them to further your education. That you used it to back your boss's business does not matter to them, they will still hold you responsible.
The loan should not affect your credit rating if it is paid in a timely manner. It might affect the chances of you receiving another loan (car loan, mortgage, etc) because you already have a $45k loan out.
2007-10-09 11:15:23 · answer #1 · answered by makawao_kane 6 · 0⤊ 0⤋
Your ONLY way out of ANY loan is to PAY OFF the loan. The type of loan makes no difference. Can your boss get his own loan to pay off Sallie Mae?
Were you a student at the time you got the loans? If not, you LIED on the application. If Sallie Mae finds out you lied, the ENTIRE balance is due IMMEDIATELY.
2007-10-09 19:50:07 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Dude you commited loan fraud you out to be scared no you can't switch and you better hope your actions don't come to light hope you know a good lawyer if they do find out
2007-10-09 18:15:46 · answer #3 · answered by Anonymous · 1⤊ 1⤋
Take gas.
2007-10-09 19:01:29 · answer #4 · answered by Steveo 5 · 0⤊ 0⤋