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Does Sallie Mae accept credit cards to pay for student loan bill?

New Contributor

Does Sallie Mae accept credit cards to pay for student loan bill?

Just wondering if when I my loan disburses if I can pay my bill online with my American Express card?

Thanks!
Message 1 of 8
7 REPLIES
Frequent Contributor

Re: Does Sallie Mae accept credit cards to pay for student loan bill?

Online you can only use checking or savings account. You might want to call them and see if the accepted CC. If they did 3/4 of my loans would be paid off
FICO Scores 7/15/2008: EQ 600, TU 546, EX 490
9/17/08 - TU 571,12/17/08 649,3/16/09 638, 6/14 642
ScoreWatch 12/17/08 EQ 646, 1/2/ 09 664, 2/2/09 684,2/12/09 673, 2/16/09 688, 2/27 674,3/3 682,4/16 685, 6/28 679
1/2/09 EX 668 2/13/09 669
AS of NOV08 I am Credit card debit free. I AM A MYFICO.COM ADDICTED Smiley Happy ~
Message 2 of 8
New Contributor

Re: Does Sallie Mae accept credit cards to pay for student loan bill?



niecey89 wrote:
Online you can only use checking or savings account. You might want to call them and see if the accepted CC. If they did 3/4 of my loans would be paid off




hmm...looks like here someone else was able to pay the minimum: [REMOVED link to credit repair site]

 



Message Edited by Timothy on 09-18-2008 05:48 AM
Message 3 of 8
Established Member

Re: Does Sallie Mae accept credit cards to pay for student loan bill?

Wouldn't you just be tacking more interest onto your student loan?  With my CC interest rates I'd be in the poorhouse inside of six months!
Message 4 of 8
New Contributor

Re: Does Sallie Mae accept credit cards to pay for student loan bill?



Goalwatcher wrote:
Wouldn't you just be tacking more interest onto your student loan?  With my CC interest rates I'd be in the poorhouse inside of six months!





If I PIF, than there is no added interest. What I do get is rewards points, and the ability to only pay one consolidated bill....
Message 5 of 8
Regular Contributor

Re: Does Sallie Mae accept credit cards to pay for student loan bill?

If you can pay it with your credit card and then PIF the credit card then it'd be worth it.

You'd have to have some really low interest rates on your CC to make it worthwhile if you're gonna be carrying the balance of your student loan on your CC instead.

The Stafford Loans are like 6-7% or something like that. Your CC is probably around 8-12%.
Walmart Discover TU08 FICO 12/07/15: 767 PSECU EX V2 FICO 12/05/15: 735
AMEX EX08 FICO 12/19/15: 778 PenFed EQ NG2 FICO 12/01/15: 717
Message 6 of 8
Senior Contributor

Re: Does Sallie Mae accept credit cards to pay for student loan bill?

We've been paying on DH's SL (consolidated with ACS, if that makes a difference) for over 10 years and we've NEVER been able to pay via CC. For some reason, dunno if it has to do with our loans being backed by the Fed gov, they seem to take a dim view (as was explained to me by a ACS CSR) to paying a gubmint debt with borrowed funds.

That being said, I'd bet that they'd accept a check drafted off your CC account ... but if IANM, the "cash advance" APR would apply in that case.

If you decide to try it, I hope you have a heckuva good and l-o-o-n-g Intro APR!! Smiley Wink

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Message 7 of 8
cny
New Visitor

Re: Does Sallie Mae accept credit cards to pay for student loan bill?

you can pay with a credit card for a one time payment. you can not be set up with a payment plan using a credit card due to the fact that people will set up payments and they will cancle the card or the card would be maxed out. you would still have to call sallie mae in order to make the cc payment.

Message 8 of 8