However, if you do pay off the child's loan using your funds it can be considered a gift. You can give up to $19,000 to anyone without any consequence, however, if you give more than that amount to anyone you will need to file a Form 709 Gift Tax Return. If you are married, both you and your spouse could give up to $19,000 each to help paying off the loan without needing to file the Form 709. If you do need to file the Form 709, there won't be any tax consequence, but the amounts you donate will be counted against the lifetime exemption limit of $15,000,000.
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