Consider your options before obtaining a loan. There are federal loans such as Parent PLUS Loans that allow parents to take out a loan to fund a child's education, but the loan is taken out for the parent and not the child, therefore parents will be unable to transfer the loan to the child at any point. Other loans, such as private loans, may only require the parent to act as a co-signer, or have special circumstances in which the parent can transfer the loan to the student when the student has completed his education. These types of loans are more flexible and make it possible for parents to transfer the loan to the student's name.
Check with the institution in which the student is enrolled. Some schools only accept certain types of federal loans, either FAFSA or Parent PLUS Loans. With FAFSA, students have a better chance of receiving a loan if they have a co-signer, such as a parent, but the loan would still be in their name. Certain institutions accept one or the other, so you may not have a choice. If that's the case, a private loan might be the way to go.
Consult with a loan company representative to verify the terms and conditions of your loan. Ideally, this should be done prior to applying for the loan. But if not, inquire about the possibility of transferring the loan to your student. Some private loan companies are able to set up conditions that are agreeable to both the student and the parent -- for example, the parent pays the loan until the student has completed his education, or the parent submits a certain amount toward the payment. In other circumstances, the student is completely responsible for the student loan and the parent serves as the backup in the event that the student loses his job or is unable to make a payment.
Defer student loan payments if there are exceptional circumstances, such as loss of job or family illness that is preventing either you or the student from being able to pay the loan. Most loans provide leeway for families that are unable to pay due to exceptional circumstances; however, you may need to discuss this directly with the loan rep and consult your loan's terms and conditions. For example, if you are out of the country for an extended period of time or enrolled in further education, neither the student nor the parent may be expected to pay, and the loan will be deferred for an unspecified amount of time.