How to Get Someone Else to Pay Your Student Loans

Like a lot of graduates, Luke Livingston faced a mountain of student-loan debt when he finished up last spring at Clarke University in Worcester, Mass.

Unlike a lot of graduates, though, he's since cooked up an ingenious way to pay it back: Ask sponsors to pay his loan back for him.

Livingston, 22 years old, says he "tried to think of something that hadn't already been done, and would also be beneficial to me and to the person who would be the source of my funding."

His plan involved putting together a Web site, sponsormyloans.com, where he offers to provide a month of advertising to anyone who will pay him $200. The $200 will then be used to cover his student loan payment for that month. ...