how to pay student loans with credit card reddit

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.

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