People also ask
What happens if you pay student loans with a credit card?
The average interest rate for a fixed 10-year student loan is 5.72%, while the median credit card rate is 19.49%. So, if you pay student loans by credit card and fail to pay off your credit card balance at the end of the month, you鈥檇 face more interest.
How does interest accrue on student loan payments?
Interest accrues on your student loan payments, so make your payments sooner rather than later to avoid having to pay extra costs. To make these payments in a timely fashion, try cutting down on your spending — especially when it comes to luxury items.
What is the best way to get rid of student loans?
Refinancing 鈥?A refinance loan is a popular option for debt relief. Refinancing means you鈥檙e combining multiple debts into a single private loan. I recommend refinancing private student loans for a better interest rate.
Can I make credit card payments on a personal loan?
Although you generally can鈥檛 make direct credit card payments, you might be able to use a third-party service to transfer your loan to another card (e.g., Plastiq). A second option is asking your credit card provider for a cash advance and then using that to pay your loan. But are any of these choices a good idea?