How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4416
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
Type Your Finance Question Here...
Rakhi Vasavada is online now
A new question is answered every 9 seconds

Is it possible to take out a federal student loan out for someone

Resolved Question:

Is it possible to take out a federal student loan out for someone else or does it have to be for yourself?
Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.

rakhivasavada :

Dear Friend, hello and welcome...

rakhivasavada :

The student loan has to be for self. The student has to be on the loan. At the most you can co-sign a loan to assist

rakhivasavada :

I hope this helps...

Rate this answer POSITIVELY IF you are done with this and if this helps and satisfies you as this is the only way we get compensated for assisting you. You may use "CONTINUE CONVERSATION" to revert with additional queries if you have or if I have missed out on any aspect of your question.

rakhivasavada :

Warm Regards...

Customer: replied 3 years ago.

would I be able to get a private Sallie Mae loan in my name for someone else?

Expert:  Rakhi Vasavada replied 3 years ago.
Dear friend,

As my fellow expert just pointed out, you can find an or act as 'endorser'.

He is the one who pays if the student defaults.

Kindly refer the following.

http://studentaid.ed.gov/types/loans/plus

hope this helps...

Rate this answer POSITIVELY IF you are done with this and if this helps and satisfies you as this is the only way we get compensated for assisting you. You may use "CONTINUE CONVERSATION" to revert with additional queries if you have or if I have missed out on any aspect of your question.

Warm Regards
Customer: replied 3 years ago.

Interesting because my ex-boyfriend back in 2001 opened a Sallie Mae student loan for me. I am listed as a student but HE was the one responsible to pay. I talked to Sallie Mae because loan went into default and he passed on my contact info. I asked Sallie Mae representative if I was a signer on the loan anywhere obligating me to pay it back and she said "no, just listed as student." He was 100% responsible to loan since I hadn't signed?

Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

Yes, if you have NOT co signed or if you are NOT the endorser then you are NOT responsible to pay. You do not have any liability at all. Since you have defaulted, it is your boyfriend who will have to pay up.

I hope this helps...

Rate this answer POSITIVELY IF you are done with this and if this helps and satisfies you as this is the only way we get compensated for assisting you. You may use "CONTINUE CONVERSATION" to revert with additional queries if you have or if I have missed out on any aspect of your question.

Warm Regards
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4416
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Rakhi Vasavada and other Finance Specialists are ready to help you