Comments on: Can I pay my Student Loans with my Credit Card?

By: The Snake

The Snake — Thu, 02 Mar 2017 21:38:00 +0000

Sallie Mae will actually accept credit card payments over the phone but, only up to the minimum monthly payment. And you can only make a credit card payment for the current month. You have to wait another 30 days to make the next credit card payment. You cannot make a big payment or pay it off completely with a credit card. So it depends on the value of the airline miles or hotel points that you earn through the credit card, versus the interest that Sallie Mae charges for maintaining the loan.

By: amay17

amay17 — Tue, 10 Jan 2017 23:13:00 +0000

In reply to VinayDCardwell.

For a minute there I just thought you broke the space time continuum, and I actually attempted a small invoice payment to myself just to see… If you invoice yourself for $10 through PayPal and pay it with your credit card, you are going to receive $9.41 in your account (Losing 6% to paypal) and surely if you did this with a larger amount on a credit card not only would you be stupid (again…6%) but surely the credit card will not be happy about having their cash advance fee going to paypal instead of them

By: The Student Loan Sherpa

The Student Loan Sherpa — Mon, 26 Sep 2016 02:50:00 +0000

In reply to Tawney High. I don't know about paypal, but will your credit card company let you write a check against your credit card? My credit card company once sent me a sheet of checks that I could write and the money spent would just be added to my credit card balance... just watch out for fees associated with this move.

By: Tawney High

Tawney High — Fri, 23 Sep 2016 17:48:00 +0000

In reply to VinayDCardwell. Can you give me more information about how to do this???? I have 0% interest credit card that I want to transfer my current student loans to. It would save me about 700 towards interest. The loans are through Sallie mae and they won't take credit card payment. How do I use paypal....???Thank you!

By: VinayDCardwell

VinayDCardwell — Thu, 16 Jun 2016 04:07:00 +0000

It wouldn’t make sense to pay with your credit card because that has a greater interest rate than you student loans without the tax deductions. But if you had a 0% introductory card you could. You can set up a paypal account and send yourself an invoice, pay the 2% or whatever it is processing fee for credit card transactions, and then send the deposit you just made in your checking account to your student loan. It’s a few added steps but if you have a 0% introductory rate it would make perfect sense, especially if you are paying 6.85% right now on your loans. So yes you can do it!

By: The Student Loan Sherpa

The Student Loan Sherpa — Wed, 18 Nov 2015 00:12:00 +0000

In reply to Tsarkov19.

Interesting idea… you would have a pretty hard time getting any lender to accept a large payment via credit card, but if you could, it would be a pretty savvy move… assuming you got it paid off before your 0% promo period ended.

By: Tsarkov19

Tsarkov19 — Tue, 17 Nov 2015 03:14:00 +0000

I was thinking of it more from the perspective of transferring all or a portion of a SL balance to a credit card with a zero interest promotional period, then pounding away on that interest free and paying the transferred part off within the promotional period.

By: Kevin Wood

Kevin Wood — Tue, 09 Jun 2015 07:23:00 +0000

Same with a mortgage payment and a car payment — credit cards not accepted for regular payments. But you can set up automatic CC payments for most or all of your utility bills. I rack up a lot of cash back via my 1% Amazon card and 2% Amex.

By: Syed

Syed — Thu, 27 Feb 2014 17:55:00 +0000

One of my student loan lenders offers a credit card option but there is a fee tacked on of course. I agree with the previous comment ThankYou points are probably the best thing I’ve seen so far. I signed up for the Citi promotion for their checking and credit card account and wound up with over 75,000 TY points. That’s $750 to put towards student loans! Not earth shattering but it’s $750 I won’t have to spend myself.

They have TY point promotions pretty often so it’s worth checking out.

By: MoneySmartGuides

MoneySmartGuides — Thu, 20 Feb 2014 14:15:00 +0000

Ha! I’ve researched this idea to wits end! I don’t know if anything has changed in the years since I paid off my student loans but at the time, I couldn’t find anything. I was able to use my Thank You points towards my student loans though. I used one credit card for all of my spending and then would get a check sent to my student loan company when I would redeem the points. The ratio wasn’t the best, 10,000 points for $100. I would make it a point to get bonus point by shopping online, etc. I think in total I was able to get close to $400 towards my student loans.