Credit Card to pay Student Loans? (Not what it looks like)

[Anonymous]

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@drkaje wrote:

Call the company and ask. Sallie Mae was more than willing to accept payment by credit card but charged $14.95 per payment, LOL!

You might save more calling the student loan company and seeing what discount they offer for automated payment from a checking account.

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Hmm I have automatic payments from a checking account setup, and don't recieve a discount...

[BlueHusky]

Hm, I have Eli Lilly Credit Union for my Student Loans...anyone have experience with them?

[Anonymous]

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@BlueHusky wrote:

Hm, I have Eli Lilly Credit Union for my Student Loans...anyone have experience with them?

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I just tried to look it up, but couldn't find anything. They have a live chat, why don't you see what they have to say about it?

[Anonymous]

As paying with a credit card only supplants one form of debt with another, Nelnet only accepts credit/debit card payments on federal student loans in the following instances:

- Your account is current and the next payment is due within three days or less (payment amount can be made only in the amount of your monthly payment).    

- Your account is delinquent and the credit/debit card payment will bring your account current.

- Your account is delinquent and the credit/debit card payment will bring your account current plus pay the current month’s payment.      

- Your bank account is through a foreign bank, regardless of whether your account is delinquent or current.

Credit/debit card payments can only be made over the phone. There is a $15.00 fee assessed to all credit/debit card payments.

Simple. Safe. Smart.  Visit www.nelnet.com and click “Manage My Account” to access your statements and account correspondence, sign up for automatic payments through KwikPay®, make a payment, change your repayment option, apply for a deferment or forbearance, and much more!

1.888.486.4722. We’re here to help you reach your goals.

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Hi Poster 550031,

Check your PM's.

MarineVietVet, myFICO moderator

[culture]

I want to revive this thread to see others opinions...

[sengpatt]

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- Your account is current and the next payment is due within three days or less (payment amount can be made only in the amount of your monthly payment).    

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Is this a yes, then?

[culture]

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@sengpatt wrote:

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- Your account is current and the next payment is due within three days or less (payment amount can be made only in the amount of your monthly payment).    

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Is this a yes, then?

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i guess  but there is a $15 fee posted.....   

[longtimelurker]

There are at least two ways:

1) Chargesmart.com    This takes credit cards for student loans (and utilities/mortgage/car loans) and if your provider is one of those listed, you can pay with credit card.  It's easy, but they charge a fee (2.5% or so for mortgages) that will negate most rewards.   Good to use for meeting spending requirements though

2) Manufactured spend.  If you have cards that give decent discounts at supermarkets or drug stores for example, buy the correct cards with your credit card, gettingt either a discount or points, move the proceeds onto say bluebird or serve, and get bluebird or serve to send a check to the student loan company.    The works basically for all large payments where credit cards aren't accepted, but requires the right type of credit cards, ability to buy GC or VR with a credit card in your area, and the willingness to take a slight risk of being shut down by your credit card company.   Left somewhat vague here so you have to do due diligence to decide if this is right for you.

[Revelate]

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@culture wrote:

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@sengpatt wrote:

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- Your account is current and the next payment is due within three days or less (payment amount can be made only in the amount of your monthly payment).    

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Is this a yes, then?

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i guess  but there is a $15 fee posted.....   

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Counts as a cash advance most likely.  This isn't atypical for loan payments with a credit card, it's not a convenience fee generally it actually costs them a higher fee structure to process the payment  this way.

[Astraywhit]

Balance transfers, you won't get point with them..but if you manage to get approved for a high CL and its a 0% introductory card it might be well worth it to utilize that for your student loans

The credit card company gives checks you can use to pay for stuff that would go onto your cc..you see them sometimes in the mail..you can call and request too

The benefit being you have a few months to pay principal only

The downside is you really have to be strong and not let yourself get caught up in the mess (basically still having a balance once the 0 is up and you're now at anywhere between 9.99 to 29.99 apr)