10.09.07 | Use your credit card to pay your student loans?
You’ve taken out some student loans. And now, since you’ve graduated, it’s time to start paying them back. Sure, you can make the monthly payment your requested by your lender - and ultimately take the typical amount of time it takes to pay off your loans. Sounds good.
Another option you can work with, is to take advantage of your credit card’s cash advance option. Provided you’re able to do it for free and you have 0% APR with your card. If these two stipulations are in place, what you can do is write a check against your credit card balance and apply this to your student loan balance. Particularly if you have a private school loan with an interest rate approaching 10%, taking advantage of the 0% would work nicely. If you do this, just make sure you’re able to pay off your balance before the 0% expires, or else your interest rate may exceed the amount you’re paying on your private loan. That wouldn’t be a lot of fun.
Did you accidentally not pay off the balance before the 0% expired? It isn’t time to freak out - just pick up the phone.