My sister took out a loan in my name.?

Your sister would have had to use your identification and possibly your Social Security Number and sign your name to the loan doent and she isn't you. This is basically the same as stealing another persons check, writing your name as the payee, placing the dollar amount on it, signing it in the other person's name, endorsing it and placing it in your checking account. Both are considered to be fraudulent and subject to prosecution. Were she to be found guilty she will have a felony conviction against her and she won't be able to practice law in any state in the U.S. Your sister made a gross error in judgment and it can and should be corrected by her as soon as possible for were she to be charged her troubles will be worse than anything she could imagine as the District Attorney will probably file charges against her for fraud. Your sister isn't permitted to sign any doents in your name, especially student loan doents even if you had given her written permission to do so. Your sister was your legal guardian until you turned 18. Now that you are 18 she is no longer your legal guardian and isn't permitted by law to do anything of a legal nature for you unless she is representing you as your attorney or has the Power of Attorney for your benefit. Your sister got used to doing and signing things for you and thinks she can continue to do so. She is wrong and as a future attorney she should realize this and shouldn't have done so. The loan is in your name and she signed your name. This makes you liable for the loan if the payments aren't made or if they fall in arrears. I also think your sister would have had to place a Social Security Number on the loan doents and were she to have placed your Social Security Number on the loan doents she is committing a Federal Crime and can be arrested by the United States Department of Justice (DOJ) and were she to be prosecuted for fraud as a felony she would probably receive prison time and also wouldn't be permitted to practice law. Your sister isn't using her smarts on this one and she had better get her act together before more time has ped and it may be too late to correct her mistake in judgment. In other words your sister is in deeper trouble than she could have thought possible by doing what she may have thought to be an innocent action. She will learn all about this when she gets to law school and she will change or become a criminal. She has begun walking the road to becoming a criminal, but it isn't too late to change and make the decision to become a law abiding citizen and a practicing attorney. Were the loan she took out in your name to have your Social Security Number connected with the loan the consequences of her doing so will affect you and your credit rating and you may not be able to get a credit card or a loan in the future. You are liable for the payment of the loan were it your name and were your Social Security Number on the loan doents even if she signed a doent such as a promissory note to pay the money on the loan for you as the lender has no way of knowing your sister did this unless someone tells the lender. There are two ways you wouldn't be liable on the loan. One is if she tells the lender she wants to correct an error in judgment she made and change the recipient of the loan and the Social Security Number to her name and the other is to tell your grandmother what she did and ask your grandmother to please pay off the loan so she doesn't run the risk of being convicted of fraud. The more I think about what your sister did and how hard the student loan lenders are on students to pay back their loans the more I think she has a chance of being prosecuted for fraud. It is possible your sister may need an attorney now to get her out of this jam as it won't go away on its own and the longer it continues the greater her chances are of being prosecuted for fraud, and then there is no question she will need an attorney. You are correct by stating you have nothing to do with this and don't want this to affect you at all. But it will affect you and it is affecting you now and it needs to be corrected now.