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New Contributor
Posts: 87
Registered: ‎12-16-2011
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Paying my Sallie Mae private loan off with credit card?

Can I pay off my Sallie Mae private loan off with a credit card?

 

It is the only private loan I have: $1600 originally and I bought it down to $1450.

I recently got $2000 in income and would like to pay it off all together. 

 

Would it be better to use my credit card to pay the $1450 and then just use the cash to pay the credit card balance?

 

Other info: I am 20 and still a junior. I just want this private loan off my shoulders.

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Valued Contributor
Posts: 2,828
Registered: ‎08-13-2009
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Re: Paying my Sallie Mae private loan off with credit card?

I don't think you can use your cc's to pay your student loan.

 

If you want the loan gone, use the cash to pay it off.   Any left over money use towards other debt or put into savings to build an emergency fund.

Senior Contributor
Posts: 3,889
Registered: ‎05-24-2011
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Re: Paying my Sallie Mae private loan off with credit card?

The interest rate on a cc can't be better than the student loan, can it?

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Established Contributor
Posts: 719
Registered: ‎06-23-2010
0

Re: Paying my Sallie Mae private loan off with credit card?

I have to agree with IOBA and Booner on this one.  Just use the cash to pay off your loan.

 

I am 99.99% certain that Sallie Mae does not accept credit card payments in the traditional way.  The non-traditional way would be you having to make the credit card payment through a service such as Western Union.  They will then charge you a fee for using your credit card, and your credit card company may also charge you a fee as they count Western Union as a cash advance.

 

So, recommendation, just use the cash, pay off the loan, and then that will be one less bill you have to worry with each month.


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