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Paying student loans with credit

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Anonymous
Not applicable

Re: Paying student loans with credit


@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

I always pay with a CC with no fee BUT i use the automated robot lady.


Woah! So you earn base points or whatever too on the card?  Man oh man this is going to make churning next year a freaking cake walk!!!!!!!!!!!!!!!!!!!!!


Yes you do get the points as well.


I've used Barclay Arrival +, Cap1 Venture and now using CSP.  Got points on all and met spending on all.

Message 21 of 27
Anonymous
Not applicable

Re: Paying student loans with credit


@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

I always pay with a CC with no fee BUT i use the automated robot lady.


Woah! So you earn base points or whatever too on the card?  Man oh man this is going to make churning next year a freaking cake walk!!!!!!!!!!!!!!!!!!!!!


Yes you do get the points as well.


I've used Barclay Arrival +, Cap1 Venture and now using CSP.  Got points on all and met spending on all.


Wow! what a great day!  So glad this was bumped! Very useful info!!!!!!!

Message 22 of 27
red259
Super Contributor

Re: Paying student loans with credit


@Anonymous wrote:

@red259 wrote:

@Anonymous wrote:

@Broke_Triathlete wrote:

I realize I'm bumping an old thread, but I found out some good information for any one wishing to pay their student loans with their C.C.

 

1) There is NO fee when giving a C.C. over the phone, at any time with Navient.

 

2) You can only pay your 'due' amount with a C.C. You cannot pay a surplus. Which sucked for me because I was on an IBR plan of $58 a month. Not real helpful there to put some spend on my cards.

 

3) If you have the funds and want all your payments to go on your card you can request (which I did) your monthly payment to be higher, and from there you can pay that balance with a C.C. For instance, I was on IBR of $58 a month. I requested to be removed from the program and to pay the normal rate. You have to make your 1st normal rate payment (for me it is $282) and pay with a C.C. (which I did). At that point (again, I did this) I requested my monthly payment due to be $1,000 so I can pay $1,000 a month on my credit card. It has to be approved first and you can either up it or lower it at your request. Once approved you can pay the full $1,000 on your C.C. I'll do that for a few months and reevaluate my funds and try to increase it even more if I can.

 

4) Any payments made after your standard montly payment is due (on your C.C.), will have to be from your checking account. So say if I pay $1,500 this month. The max I can pay (if approved) is $1,000 on my C.C. and then $500 will come out of my checking account. So now I'm going to get some nice spend on my C.C. and some rewards I'd be missing out on with spending I'd do normally! 


as someone with over 10 loans with navient, I find this hard to believe. I am 100% unable to pay anything on any of my loans with a credit card. It is with a debit card or a checking account ONLY. Doesnt matter if its interest payments or regular loan payments, credit cards are not allowed. I just called to confirm this. Doesnt matter if its IBR, regular repayment, deferrment, whatever.

 

The only way to circumvent this would be to use a credit card convenience check. Honestly I would like to know why there is this discrepancy. My loans were previously serviced by Sallie Mae.

 

A few of my loans are at 6.8% and I pay the interest on those. I would love to start transferring these to a 0% card and amp up the payments one day.

 

I am just shocked here because I am basically reading that I could set my payment to 2 grand, throw on to my double cash, pay off, repeat, or earn MR points. I gotta figure this out. Sorry if I sound skeptical!


I have navient loans and made multiple payments with credit cards over last few months, so it most certainly is possible. I'm not sure why you are speaking to representatives about it. You call in and its an automated system that lets you pay with your credit card. You should not be talking to anyone if you are calling in to pay. 


I didnt call in to pay. I called in and asked about my options. I will call again later and see if the response is the same. Is there a difference between subsidized and unsubsidized loans or something? Why would this rep tell me absolutely no credit cards are accepted, only debit cards or checking accounts....

 

Well anyway that is awesome news and good to hear something to look forward to!


Don't call in and ask the reps. I don't see any point to doing that. If you want to pay with a credit card call in and just select the option to pay through automated prompts and credit card will be a payment choice. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 23 of 27
Anonymous
Not applicable

Re: Paying student loans with credit


@red259 wrote:

@Anonymous wrote:

@red259 wrote:

@Anonymous wrote:

@Broke_Triathlete wrote:

I realize I'm bumping an old thread, but I found out some good information for any one wishing to pay their student loans with their C.C.

 

1) There is NO fee when giving a C.C. over the phone, at any time with Navient.

 

2) You can only pay your 'due' amount with a C.C. You cannot pay a surplus. Which sucked for me because I was on an IBR plan of $58 a month. Not real helpful there to put some spend on my cards.

 

3) If you have the funds and want all your payments to go on your card you can request (which I did) your monthly payment to be higher, and from there you can pay that balance with a C.C. For instance, I was on IBR of $58 a month. I requested to be removed from the program and to pay the normal rate. You have to make your 1st normal rate payment (for me it is $282) and pay with a C.C. (which I did). At that point (again, I did this) I requested my monthly payment due to be $1,000 so I can pay $1,000 a month on my credit card. It has to be approved first and you can either up it or lower it at your request. Once approved you can pay the full $1,000 on your C.C. I'll do that for a few months and reevaluate my funds and try to increase it even more if I can.

 

4) Any payments made after your standard montly payment is due (on your C.C.), will have to be from your checking account. So say if I pay $1,500 this month. The max I can pay (if approved) is $1,000 on my C.C. and then $500 will come out of my checking account. So now I'm going to get some nice spend on my C.C. and some rewards I'd be missing out on with spending I'd do normally! 


as someone with over 10 loans with navient, I find this hard to believe. I am 100% unable to pay anything on any of my loans with a credit card. It is with a debit card or a checking account ONLY. Doesnt matter if its interest payments or regular loan payments, credit cards are not allowed. I just called to confirm this. Doesnt matter if its IBR, regular repayment, deferrment, whatever.

 

The only way to circumvent this would be to use a credit card convenience check. Honestly I would like to know why there is this discrepancy. My loans were previously serviced by Sallie Mae.

 

A few of my loans are at 6.8% and I pay the interest on those. I would love to start transferring these to a 0% card and amp up the payments one day.

 

I am just shocked here because I am basically reading that I could set my payment to 2 grand, throw on to my double cash, pay off, repeat, or earn MR points. I gotta figure this out. Sorry if I sound skeptical!


I have navient loans and made multiple payments with credit cards over last few months, so it most certainly is possible. I'm not sure why you are speaking to representatives about it. You call in and its an automated system that lets you pay with your credit card. You should not be talking to anyone if you are calling in to pay. 


I didnt call in to pay. I called in and asked about my options. I will call again later and see if the response is the same. Is there a difference between subsidized and unsubsidized loans or something? Why would this rep tell me absolutely no credit cards are accepted, only debit cards or checking accounts....

 

Well anyway that is awesome news and good to hear something to look forward to!


Don't call in and ask the reps. I don't see any point to doing that. If you want to pay with a credit card call in and just select the option to pay through automated prompts and credit card will be a payment choice. 


^^^ true

Message 24 of 27
Anonymous
Not applicable

Re: Paying student loans with credit

I need to call Great Lakes and see if they have an automated system that will allow this also.
Message 25 of 27
Broke_Triathlete
Valued Contributor

Re: Paying student loans with credit

This from my discover card, taken this morning, with no fee. 

 

image.png

Personal:

Business:


Message 26 of 27
Anonymous
Not applicable

Re: Paying student loans with credit

It would be great if we set up a list of federal lenders who allow CC payments, and those who allow them without fees. It's very good information to know, especially since some lenders can be a bit shady. With CC transactions, it's a little easier to prove you've been paying.
Message 27 of 27
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