I’m curious if anyone has experience or knowledge about using a credit card to pay off student loans. I’ve been considering this option to possibly earn rewards points or manage my payments differently. However, I’m unsure about the practicality, potential fees, or any drawbacks associated with it.
Has anyone here tried paying their student loans with a credit card? What was your experience like? Are there specific credit cards or strategies you recommend for this purpose? Please Advice…
Using a credit card to pay off student loans is a bad idea! It’s hard to do directly, and workarounds cost extra money. Instead, try to make your loans cheaper: lower your monthly payments with income-based plans, or get a lower interest rate by refinancing private loans.
The reason why most say no is that they do not want to pay the credit card processing cost. Some services will help (for a cost in the order of 3%), but unless you’re taking advantage of some kind of sign-on offer that outweighs the expenses, it’s usually not worth the bother.
Using a credit card to pay off student loans can be risky and isn’t generally recommended. It’s best to explore other options that can help you save money on interest and manage your debt effectively