People also ask
Can I pay my student loans with a credit card?
With a federal student loan that is in good standing, many servicers do not accept credit card payments. You may be able to make payments on private student loans with a credit card, but be aware that you might have to pay a fee to do so. What if your federal student loan is in default? In that case, you can make a payment with a credit card.
Are student loan interest rates lower than credit card interest rates?
Student loan interest rates are generally lower than credit card interest rates 鈥?with the exception of balance transfer cards, which typically offer very low rates for a limited amount of time. For the 2019-2020 school year, federal student loan interest rates ranged from 4.5% to 7%.
Is it worth it to pay off my student loans early?
It only will be worth it, though, if your student loan interest rate is higher than about 4.5% and if you are 100% certain you can pay off the credit card balance during the introductory rate period.
How can I pay off my student loans?
You can also pay them directly (that is, in line with your loan promissory agreement), via a credit card cash advance, or through a special repayment plan negotiated with your lender. Your options for paying student loans are as follows: Pay your loans off as agreed in your promissory note.