Is it possible to get a student loan to pay off my credit card debt so I can pay later with lower interest?

I currently have $3000 in credit card debt. My parents are paying for my school, but I have been unable to live on the money they have given me. I regret using a credit card and wish I had taken out a loan instead.

This semester I already took out a SallieMae Signatue Student Loan with my dad as a cosigner. He is going to pay the balance. The signature student loan went directly toward tuition.

Is there a way for me to take out an additional student loan that I could put toward my credit card? Also, I would prefer that my parents never know about this debt. I realize it really helps if he is a cosigner, but in this case I would seriously rather pay the extra interest.

Is it possible for me to take out a 2nd loan from a different lender in the same semester? Asked by Zelemont 45 months ago Similar questions: student loan pay credit card debt lower interest Business > Financial Planning.

Similar questions: student loan pay credit card debt lower interest.

Probably not. Student loans are for legitimate education expenses. You can use them to pay for books or a computer, room and board, and in some cases transportation.

But if your credit card has things like trips to the movies, clothing, or the miscellaneous things that end up on credit cards, then no, you can't use a student loan to pay for those. Nor, I would suspect, could you use the loan to pay off any of the interest. Student loans that are backed by the government usually get paid to the school, with any extra money then given to you by the school.So the school's going to take it for tuition and room and board and all those other things they charge you for, and give you the remainder.

Whether you can take out a second loan when you've already gotten one for the semester, I don't know. But the WISE thing to do would be to get a job on campus, stop charging on the card, and keep paying more than the minimum each month until you get it paid off. If you don't want to do that, then I would suggest talking to your parents before the problem gets worse.

Maybe they can pay it off for you. Maybe they can help get you a job for the summer. Or maybe they'll have other ideas to suit your situation.

You'll avoid legal trouble, a bad FICO score, and insane interest payments that way. Whatever you do, don't take out a private loan. They don't have the same protections as student loans do, and you're more legally bound to pay them off than you are credit cards.

Another suggestion to help you pay it off is to sell some of those things you no longer need now that you're at school. Have a bicycle or an old computer? A bunch of DVDs or video games you don't care about anymore?

And don't forget to sell those textbooks somewhere when you're done with them. They lose value with age, so act quickly on those. All of this is my unprofessional opinion, but I believe it to be accurate.

Sources: My opinion .

1 Maybe what you should do is get a job, and pay off your credit card. You should check with the financial aid office to see if you qualify, but you'll need information from your parents, such as their income, etc, and it seems unlikelythat you'll be able to keep this from them.

Maybe what you should do is get a job, and pay off your credit card. You should check with the financial aid office to see if you qualify, but you'll need information from your parents, such as their income, etc, and it seems unlikelythat you'll be able to keep this from them.

2 I did that one year and it worked. But that was 20 years ago.

I did that one year and it worked. But that was 20 years ago.

4 In general it's a BAD idea to borrow money to pay everyday expenses. You see those expenses will never go away, so how are you ever going to get off this borrowing bandwagon, much less repay? You either have to lower your expenses, by getting a roommate, or eating out less, or moving back home; or increase your income, like with a job.

Borrowing for everyday living has no future at all.

In general it's a BAD idea to borrow money to pay everyday expenses. You see those expenses will never go away, so how are you ever going to get off this borrowing bandwagon, much less repay? You either have to lower your expenses, by getting a roommate, or eating out less, or moving back home; or increase your income, like with a job.

Borrowing for everyday living has no future at all.

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" "Credit card with 79.9% interest....." "Where can a person w/ terrible credit (due to past medical bills) get $22000 personal loan to pay off all unsecured debt.

A Credit Card Co keeps charging me interest after they charged off my debt and turned over to a CA. How is this legal?

I have a $25K loan, $4500 credit card, $1500 credit card. They are all in collections, what should I pay off first?

Am I hurting my credit score if I keep opening 0% interest credit cards/yr. To pay off debt?

Where can a person w/ terrible credit (due to past medical bills) get $22000 personal loan to pay off all unsecured debt.

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.