Can I take out student loans to pay off credit card debt?
by admin ~ December 4th, 2008 . Filed under: Financial Aid .
typeonegsd asked:
I am in school part time and have a lot of credit card debt. It is preventing me from going full time because I have to work to pay the minimums. Can I take out a student loan to pay off say $15,000 of credit card debt so that I can attend class full time?
Bud Giallorenzo
I am in school part time and have a lot of credit card debt. It is preventing me from going full time because I have to work to pay the minimums. Can I take out a student loan to pay off say $15,000 of credit card debt so that I can attend class full time?
Bud Giallorenzo
December 7th, 2008 at 1:13 pm
Just make sure the interest rate for student loan is lower than your credit card.
December 8th, 2008 at 10:23 am
I am not certain that this would be legal. You may want to check with your Financial Aid Department.
December 9th, 2008 at 9:22 am
You can, but it would be an unwise decision. Getting yourself into deeper debt to try and pay off another debt will only serve to further your downward spiral into high interest rates and debt repayment plans.
I believe you should pay off your credit card debt, then save to attend classes.
December 11th, 2008 at 10:14 am
You’re not serious are you?
That’s not how student loans work.
December 11th, 2008 at 11:41 pm
No. Or maybe, but you’ll be very lucky.
You need to consolidate your debts and get a realistic monthly payment.
Then you’ll be able to go back to school full time.
Ask your school’s financial aid office to make sure, maybe you qualify to some grants.
Good luck !
December 13th, 2008 at 7:04 am
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December 16th, 2008 at 2:16 pm
Hi, I got a few best answers
from people asking the same question after I sent them here,
I think it’s the student card that did the trick, might be on the first link down
if you get any luck please don’t forget about me lol, hope it helped you!