Legal Question in Credit and Debt Law in New York

Repayment of Student Loans

My father has verbally agreed to pay back portions of my student loan debt, incurred before I got married, all of which were consolidated. He also promised to pay back a debt of my sister's and missed the first few payments. This promted me to want to abtain some sort of legal document ensuring he will be paying back the entire balance INCLUDING and interest. I cannot have him making bad marks on my credit as I will soon be looking to buy a home. Is there a way to reassign a feeral education loan to another person, or perhaps a promissory note to ensure he pays and to protect my credit?


Asked on 6/05/05, 9:20 am

1 Answer from Attorneys
Andrew Nitzberg Andrew Nitzberg & Associates

Re: Repayment of Student Loans

A promise to pay the debt of another person is enforceable only if it is in writing. This type of debt is not transferrable or assignable.

There are ways around this rule, but they have a low probability of success.

I could help you draft the 'promissary note' for your father to sign, but that is all the help an attorney can give on the information you have given me.

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Answered on 6/06/05, 10:28 am


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