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Student Loan Paid Off with CC

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Pat94108
Frequent Contributor

Student Loan Paid Off with CC

I had about $2500 left on my student loan (original amount was about 38k) so I went ahead and paid it off with my Amex. The process went smoothly, I called Great Lakes and talked to a first representative, I told him I wanted to pay off my balance with my credit card and he then put me through a Debit and Credit Card Specialist. I gave my CC details and I immediately received an email confirming the payment (prior to that I had already checked my spending ability with Amex to make sure the payment would go through). I then checked my CC transactions online and saw that the payment was pending.

 

I wouldn't normally recommend using credit card to pay off student loans as there is a slew of benefits that one loses, but since the amount was relatively low, and my credit card balances are low as well, and I know I'll pay off the balance pretty quickly ($1500 next week and the rest next month) I thought why not get rid of it now. 

 

To those thinking of doing the same, note that there was no fee charged for using CC (I had already asked as well), however, it's a one time payment (you can't be making cc payments more than once a month if I remember well). 

 

Upon submitting the payment, the rep offered to deactivate autopay, but I told her I'll do it later (I am waiting for the balance to update to Paid In Full before I deactivate it) and she then congratulated me for paying off my student loan. 

 

In any case, my student loan journey has finally come to an end! Yay! A whole 5 and half years. 

 

 

 

 

 

 

Message 1 of 4
3 REPLIES 3
cem13
Established Contributor

Re: Student Loan Paid Off with CC

Im thinking about doing this as well.  I have 3 different SL: $5K 3.9%, $8k @ 7.9% and $9K @ 7.9%.  So if I pay off one of the loans that are at 7.9% and I do a balance transfer @ 3% for 12 months; I will be far ahead of the game.  I can pay off $9K within one year, no problem.  I just hate paying the high interest rate.

FICO 08 JUL23: TU 850; EQ 846; EX 843. Clean since BK7 D/C 6/2011.
Message 2 of 4
Anonymous
Not applicable

Re: Student Loan Paid Off with CC

Congrats on PIF your SLs!!! It's a good feeling. I hope to finish my journey next year.
Message 3 of 4
Anonymous
Not applicable

Re: Student Loan Paid Off with CC

Congrats!!! Glad the end was a painless process for you. 

Message 4 of 4
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