My dad took out a loan for me to go to school that currently has a principal of $58,000. Its interest rate is 7.5%. Even though it's not technically my loan, I'm paying all of it by the agreement my dad and I had before I went off to school.
If I refinanced it with a private lender (I know I'd lose some benefits, don't worry about that), I could lower the interest rate to less than 4%. However, my dad's income is not nearly high enough to be approved by the new lender, but mine is.
So, not expecting my dad to kick the bucket within the next 5 years (by then I would have already paid off the loan at the current rate), should I, and can I put the loan under my name in favor of the better interest rate?