Personal Finance
Loans
Student Loans and Financial Aid
Money Management

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

293031

Answer

User Avatar
Wiki User
02/10/2007

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.