Paying student loan with a credit card?

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Paying student loan with a credit card?

Postby geracigr » Thu Sep 19, 2013 3:29 pm

Hey folks new to the CC world and this website has been a great help so far. Recent college graduate with a 710 credit score paying minimums on student loans.

Wondering if setting up auto withdrawal to my credit card accounts will work to pay my student loans off so I can take advantage of the cash back offer on money I have to spend regardless. Is this an option?

I have been paying the minimums regularly for 15 months or so; I have the cash on hand so I wouldn't risk any of the insane interest charges of a CC right?

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Postby Midori » Thu Sep 19, 2013 8:47 pm

My student loans were from Sallie Mae. If I still had them today, the easiest/cheapest card I could use to pay them with would be a Sallie Mae World Mastercard... If I grabbed a random card out of my wallet, there would be a fee for doing so. Does anyone in particular hold your student loan debt, and do they advertise "pay us with a credit card"?

Some people suggest running the math, and maybe doing a balance transfer, like onto the Slate or somesuch. Then again, if something happens like you lose your job, you can get a deferment on your student loan. You don't have that luxury if you've swapped that debt onto a credit card.

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Postby whit » Thu Sep 19, 2013 10:43 pm

whose holding your loan?

would you qualify for the student loan forgiveness program?

some lenders will give you a small discount if you do autopay from a bank account, not sure that would apply to a cc.

i guess if you can pay the student loan with a cc without incurring any additional fees on top of that; it would be better to get the 1% cashback or more, then getting a .5, .75 deduction from your student loan rate.

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