So, can you transfer student loans to another person?

There can be many reasons why you would want to transfer your student loans to another person. You might be a parent who took student loans to finance your child’s education, and your child is now able to afford the loans and pay them back. You might be a student transferring your loans to your parents due to any financial restriction. Or you could have gotten fortunate and found someone willing to sponsor your education.

Can You Transfer Student Loans to Another Person

So is it possible to transfer student loans to another person? Yes, you can. Let’s find out how.

Can You Transfer Students Loans to Someone Else

If your student loans are associated with the Department of Education, then the transfer of loans is not possible within the federal system.

To transfer your loans to someone else, you will shift from the national system to a private lender. This shift will strip you of the benefits that a federal system allows, including loan forgiveness programs.

You will need a third-party lender, also known as a student loan refinancing lender, who will help transfer your loan to someone else.

The refinancing lender will assess the applicant who will be taking up the loan. Different lenders might have different criteria for assigning loans.

If the person qualifies for a loan, your loans can easily be transferred to them. If they don’t, you will have to either cosign the loan with them or find someone else to whom you can transfer your loans.

How To Transfer Student Loans to Someone Else

You need to thoroughly discuss this transfer of loans to whoever will be taking over the loans. There has to be a complete understanding of the liabilities that come with this step. Once you’ve gone over the discussion, here is what you should do next:

Find the right refinancing lender.

You will find many refinancing lenders who can help you transfer your student loans to someone else. However, each lender will have different charges and perks, if any. It would help if you sorted through several lenders to find one that matches your requirements and, ideally, has lower rates. Any extra benefits would be a plus.

Submit an application

To get the process started, you will first need to fill out an online application. This application will include information on both the parties involved in the transfer. It might have personal information, residential information, and financial information.

Seal the deal

Once the transfer of your loans is approved, you can sign the final paperwork to transfer your students to someone else officially.

Pros and Cons of Transferring Student Loans to Someone Else

Here are a few pros and cons of transferring your student loans to someone else. Make sure you’re fully ready for the transfer before initiating the application process.


  1. Private loans have a lower interest rate than federal loans. This would mean that you can save money by transferring your loans to someone else.
  2. You can use this opportunity to improve the credit history of whoever you are transferring your student loans to.
  3. Transferring your student loans allows you the financial freedom to invest in other things, including a retirement plan.


  1. One of the most noticeable cons of transferring a student loan from federal to private lenders is the loss of perks and benefits such as loan forgiveness programs.
  2. The terms for a loan transfer can be very rigid. Refinancing lenders have strict requirements of minimum income and strong credit history that might be hard to meet for a student or recent graduate.

Final Words

Transferring student loans to another person can be an excellent option, depending on why you’re transferring or to whom. However, it can be freeing to be rid of your loans or to pay them with someone else.