answersLogoWhite
Personal Finance
Loans
Student Loans and Financial Aid
Money Management

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


Top Answer
User Avatar
Wiki User
Answered 2007-02-10 03:46:25

Yes, you can. However, you may be just delaying the issue without solving the cause, because you eventually will have to pay the loan. In addition, you are adding the costs of fees, interest rates, late payment charges, and compounding interest to the cost of your original purchase. If you choose to do this, cut up all but one card and pay that one off each month. This will help you improve your credit rating and help you avoid taking student loans for other expenses.

012
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Still Have Questions?

Related Questions

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

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


How do you get a co signer off your loan if you have bad credit?

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.


Should you pay student loan with line of credit?

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?


How do you get a student loan that will allow you to borrow extra money to pay off credit cards?

You can't. A student loan is for educational purposes only. Yes you can! Go to (a private loan website) for a private loan! You can get the money you need for other college expenses. And non-college expenses! And completely fraudulent purposes!


Will a credit score be better or worse if you take out an unsecured personal loan to pay off credit card debt?

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.


What is the best way to pay off my credit cards and student loan debt?

To pay off loans and debt, be sure that you are paying more than the minimum payment. Stop using your credit cards and pay for everything with cash. When you see actual cash going out, you will me less likely to spend.


Can student loan money be used to pay off your parents' high interest not-education-associated credit card debts?

Many times the money for a student loan is transfered directly from the lender to the University. Therefore you would be unable to do this. If your parents have high interest credit cards, the best thing to do would be to refinance your home or get a home equity loan. These are available to many people even if they have bad credit, they just have to have equity in the home. Another option would be for them to goto a credit consoling agency. They may be able to help them pay off their credit cards or get the rate reduced or payments combined. Henry


Is it possible to pay to improve a credit score?

You cannot pay the credit rating bureaus to improve your credit rating. However, you can improve your credit rating by paying your bills on time and paying the full required amount due. If you can put additional money towards paying off your mortgage, car loan, student loan or credit cards, this can also help.


Can you get a student loan default off credit?

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.


How do I build up my credit score with credit cards?

You can build up your credit score with credit cards by wisely using your credit every month and paying it off in full every month. By paying off your cards, you slowly build up your credit score.


Are you better off having no credit cards or having multiple credit cards with no balance?

Its best to have only a few credit cards to no credit cards. Say you have 4 credit cards with a 500 limit on each and a zero balance, There is the potential for you to charge 2000.00 whenever you want. When you have so much available credit, Lenders are scared to loan to you, Therefore hurting your credit. Best bet: If you dnt use 'em, Lose 'em.


How can one pay off student credit card debt?

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.


How do you know if you have an outstanding student loan and how can you get those facts?

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


Wage garnished student loan paid off can you get another student loan?

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.


How do I optimize paying off several credit cards?

Always pay off the one with the highest interest rate first. If you own a home you can refinance and take out cash to pay off your credit cards. I have no doubt that the interest rate you get on a refinance of your home loan will be lower than your current credit card rates.


how can i get free money to pay off my credit cards?

how can it get free money to pay off my credit cards


If a student loan disappeared off your credit report but you still owe money on the loan can they put it back on your report?

It would depend on the type of student loan. Federally guaranteed student loans have no expiration under existing laws, and will indeed reappear and can be collected on and sued over until they are paid.


How does it affect your credit if you pay a personal loan off early?

It doesn't hurt your credit to pay off a loan early.


What is it called when you pay off your credit cards monthly?

If you are referring to the monthly payments you make for a certain period in connection to a credit card loan, it is called monthly amortization.


Whether its easy to get a loan from his or her bank to pay off credit card debt.?

You will need to check with your bank to see if you quality for a loan. This is a good idea if you can qualify if you can get a lower interest rate from the bank that the rates on your credit cards.


I had a federal student loan that went into default. They took my taxes each year and they are now paid off. I was wondering If I would be able to go back to school and get another student loan?

I'm pretty sure if you have defaulted on a previous student loan, you cannot get a federal student loan again. maybe you could get a private student loan, but the rate you'd get would suck cause your credit probably sucks after defaulting on that other loan...sorry.


Will your credit go down if you cosigned on a car loan and a student loan?

YOUR CREDIT CANNOT GO DOWN? UNLESS YOU FORGET TO PAY THE LOANS ON TIME. IN FACT YOUR CREDIT WILL GO UP AND YOU'LL BE ABLE TO BUY MORE STUFF AS THE LOANS ARE PAID OFF.


How will a consolidation loan effect my finances with $20,000 in credit card debt?

A consolidation loan will pay off all of your bills and give you one payment. This program will only really work if you cut up your credit cards and have discipline.


In California law husband has credit cards in his name only. He dies. Does the wife have to pay off his credit cards?

If the credit cards are in HIS NAME ONLY, then no. You do not have to pay them off.


How many points will your credit score increase if you pay off your student loan?

Probably not very much. Credit scores are built around paying on time, how much you currently owe, and how long you've had credit. Paying off a loan won't raise your score much, but an on-time paying history for that loan will be a real good thing for your score and report once it appears.


Still have questions?