Is it a wise decision to use student loans to pay off credit cards?

I have no undergraduate loans at all and want to pay off my credit cards instead. I hope to pay off the student loans I use to pay off my credit cards before I graduate since I know I won%26#039;t be taking out any other student loans for school.

Is it a wise decision to use student loans to pay off credit cards?

Yep it is a great idea. You can lock in student loans at about 3% interest. you have to pay it all back in the long run, might as well, take care of the high interest rates now, before they get worse. I did this with my student loans, I am still paying on them, but with an all time low interest rate, small monthly payments, and my credit is great .

Student loans are less expensive payments than most will lead you to believe. You can make a plan to pay it in up to a 20 year period. The interest is so low that it is not necessarily a bad idea, especially if you consolidate through a third party. I graduated with a masters a few years ago, I had 20K in student loan debt. I originally made high payments, but now I only pay around 120 a month, more when I have it........

My credit cards weren%26#039;t that bad, but they were there. My credit was worsening because of debt versus borrowing ability, so I paid them off while I was in school. Think about it... You don%26#039;t have to pay back until you graduate, and you are sure to get a better job than you have right now. It is the sensible decision. It is your money to use any way you need to, just make sure you can make it through the year, and don%26#039;t take more than you need to get by. Good luck in school.

If you are paying back before you graduate, if you pick the right loan, there will be no interest at all. That is a no brainer. Pay off your cards.

Is it a wise decision to use student loans to pay off credit cards?

Don%26#039;t do it, student loans follow you forever Report It

Is it a wise decision to use student loans to pay off credit cards?

No it%26#039;s not cuz how are you gonna pay for skewl if you used your student loans ? Also, your Q is kinda hard to read... Anyone else find it hard to understand ? Or is it just me ?

Is it a wise decision to use student loans to pay off credit cards?

Yes. If you obtain the loan legally and the interest rate is lower than the cc rate - absolutely.

Is it a wise decision to use student loans to pay off credit cards?

sure...then down when the government is demanding 500 a month to pay off student loans, hey, at least there won%26#039;t be credit card bills!

trust me, my husband just graduated and it%26#039;s a mess.

robbing from Peter to pay Paul is always a bad idea. in the end, you%26#039;ll still end up owing someone.

Is it a wise decision to use student loans to pay off credit cards?

It would depend on the terms of the student loan versus the terms of the credit card debt. Look at the costs of each loan over the repayment period to determine which is the better option.

Is it a wise decision to use student loans to pay off credit cards?

it depends on which has the least interest.... i admit i have used some of my student loan money to pay credit cards..

Is it a wise decision to use student loans to pay off credit cards?

If you have to ask this question, I suggest you see a financial councelor. Beside being illegal it is immoral.

Is it a wise decision to use student loans to pay off credit cards?

Charge your student loans on your credit cards, then file chapter 13,,,hmmm or is it 7. None the less, then they will be gone...

Smart thinking.

Is it a wise decision to use student loans to pay off credit cards?

Absolutely, you should pay off your credit card debt with lower-interest rate student loans.

Unfortunately, student loan interest rates go WAY up on 6/30/06 thanks to Dubya! It is imperative that you consolidate before then.

Myself, I am a grad and need to consolidate my loans before the deadline! So I went on a google hunt (I mean search ;). Eventually, I did find a site that has rated a few student loan consolidators, and says they have checked them out. Here%26#039;s the web page: http://lendersrated.com/studentloans.htm...

Hope it helps you...

karateross

Is it a wise decision to use student loans to pay off credit cards?

here%26#039;s a blog filled with info on student loans, hope it helps:)

http://federal-loan-consolidate.blogspot...