Personal Finance
Credit and Debit Cards
Loans
Student Loans and Financial Aid
Money Management

Can you use a credit card to pay off a student loan?

567

Top Answer
User Avatar
Wiki User
Answered
2009-02-12 03:49:28
2009-02-12 03:49:28

No, you cannot. They will not allow you to pay it off with a credit card.

012
๐ŸŽƒ
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Related Questions


There are many ways to pay off student credit card debt. Some of the ways to pay off credit card debt are borrow against life insurance, get a home equity loan, renegotiate the term with a creditor and many more.


A loan off of debit card like credit card cash advance? Yes


Only a few payday loan companies allow you to pay off your loan with a credit card. Most required payment of the loan with a debit card or check.


Not directly, but you can take a cash advance from a credit card to pay off the loan. However, that probably is a bad idea, since the cash advance charge and the credit card interest most likely would exceed what you owe for the loan.


In the US, the only way to get a co-signer off your student loan is to pay off the loan perhaps by consolidating the loan.


I heard you can write off you student loan if you put it on your house/line of credit. But i thought you could do that anyway. Anyone know?


Is it possible? Yes. Is it legal or within the terms of your loan? No.


If you get a loan, pay off credit cards and keep the loan payments current until it is paid off. Your CR will be pretty darn good.


A credit card is definitely not necessary for a student. In fact, it would be much better if the student did not have a credit card. A plethora of students become thousands of dollars in debt because of unwise decisions with their credit cards. If a student careful budgets the money he earns and makes wise spending decisions, he will be much better off than using a credit card.


Pay everything else with credit and use your money to pay off student loans, then file bankruptcy. Although that would ruin your life as filing bankruptcy does the exact opposite of what you think it does, your better off dodging student loans and paying off all other debt first.


Securing a loan to pay off a credit card debt is not generally a good idea. However, if the interest rate on the loan is lower than the credit card rate it may be a good thing to do. Online lenders usually do not offer a rate lower than credit cards, so one's bank may be the only place to find a loan with a lower rate.


All you can know about personal loan from this site. http://personal-loan-info.freehostia.com/ It will help you a lot as it helped me.


I doubt it ! Banks will rarely loan a customer money to pay of their own credit card ! An application is likely to flag you up as a bad debtor !


Actually, the default will stay on your credit indefinately until you get out of default. Student loan default on Federally Guaranteed student loans has no statute of limitation. If you consolidate your defaulted student loans, they will show up as Paid In Full on your credit report. You can get help with the consolidation of your student loans through www.defaultms.com Any default is going to stick around for about 7 years.


There is a free budgeting web app with a feature called Credit Card Debt Terminator which can be used as a Student Loan Terminator. This feature is built right into the budget and it makes it very easy to maximize the loan payment as part of an overall budgeting strategy to help pay off the loan as fast as possible in each personal situation. Short of getting an inheritance to pay off the loan, this is a very good way to optimize a student loan payout strategy. The free web app is called Out Of The Dark (OOTD) Budgeting at: www.myootd.org


start building your credit, get a department store credit card, like a target card, buy stuff then pay it off the next day.


First off all a student loan is designed for those who can't afford paying for tuition, so the biggest advantage is that you will obtain your degree. Of course nobody can guarantee that after graduation you'll find a nice job with a decent salary and that you'll be able to repay your loan faster, but still it increases your chances. Without a proper job you won't be able to apply for a mortgage, obtain a low APR credit card, buy a sports car etc... You can always repay your student loan even with a simple credit card if you use wisely your "no APR" period.


Assuming the student credit card is a standard issue bank credit card and not issued solely through the school, there is no difference. A credit card company might advertise to student with special introductory rates or with a spin that targets that demographic, but in the end a credit card is a credit card. Incidentally, credit card debt among college students is the fasted growing segment of debt. Credit card companies aggressively seek students who are too young or inexperienced to realize that once introductory specials have expired and the "freedom" of buying pizza on credit has worn off, they're responsible for large sums of money that accrue interest.


== == Suggestions below may be helpful(financially), but they are advising you to commit fraud. I have yet to read an education loan agreement (including private/alternative loans) that does not stipulate that the proceeds of the loan are for educational use only. For federal student loans, signing the promissory notes to obtain (or later consolidate) loans used to payoff credit cards may also be a separate (and federal) perjury offense. Having said that, here are the opinions: I would suggest that you definitely utilize the money offered to you at a lower interest rate to pay off higher rate credit cards. Given that the average credit card carries an APR of 15% and the average student loan is 5% or less makes it to your advantage to get the 15% debt off your back. The only hampering factor you should consider is this: Is 5% of your total student loan annually going to cost you more than 15% of your total credit card debt? If not, than I would do it. More input from FAQ Farmers: Yes. It doesn't matter whether 5% of your total student loan is more than the 15% of credit card debt. Either way, debt is debt and it all adds up to the same amount. The only key factor is interest and loans are definitely cheaper. The key to this being helpful is that you must keep paying down your credit card debt as you would have if you were making payments to the cc company. If you can't do this, then just keep your credit card because you'll end up leaving the credit card debt on the loan for so long that it will not turn out cheaper. You can do this but i don't think it will be a good idea. To pay off your bill you should not put more burden on yourself. You cannot pay your credit card bills with government approved loans, however if you have taken loan from private vendor then you can spend your loan amount on other expenses.



I would recommend starting off by pulling your credit report from all three credit reporting agencies.



Yes, if you paid off a Defaulted student loan and don't have any other defaulted student loans, then you are eligible to get new Federally Guaranteed student loans.


In principle you can; you can get a cash advance from a credit card and use that to pay off the bank account, the problem is that the interest from the credit card is likely to be higher than the bank charges. It's probably best to try and arrange a loan with the bank.


Is there a way to write off credit card interest on corparation credit card?



Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.