topic AMEX pays student loan? in Credit Cards

AMEX pays student loan?

creditfan — Sun, 18 Jan 2015 03:53:05 GMT

I just got approved for AMEX card

would like to use it to pay my student loan

my question is, does AMEX incur CA for making such payments

thank you

Re: AMEX pays student loan?

Anonymous — Sun, 18 Jan 2015 03:54:55 GMT

@creditfan wrote:
I just got approved for AMEX card
would like to use it to pay my student loan
my question is, does AMEX incur CA for making such payments
thank you

You mean, would they accept this form of payment? Or...would you be able to BT your Student loans to your card..

Re: AMEX pays student loan?

Luscher — Sun, 18 Jan 2015 03:56:14 GMT

They won't charge a cash advance fee. It is technically a purchase. I have done this with Chase, Citi, and BOA before no problem

Re: AMEX pays student loan?

Kenny — Sun, 18 Jan 2015 03:56:39 GMT

I don't know of a student loan that allows you to pay them by credit card.

Re: AMEX pays student loan?

Anonymous — Sun, 18 Jan 2015 03:57:36 GMT

@Kenny wrote:
I don't know of a student loan that allows you to pay them by credit card.

Same.

I suppose if it was a Citi card instead though, You could write a BT to yourself and pay the Student loan from your bank account.

Re: AMEX pays student loan?

Luscher — Sun, 18 Jan 2015 03:58:23 GMT

Edit: Ive paid through the school using there bill pay service that charges you a 2.5% fee. But I have not paid a student loan (ie. sallie mae etc...)

Re: AMEX pays student loan?

Anonymous — Sun, 18 Jan 2015 04:02:13 GMT

@creditfan wrote:
I just got approved for AMEX card
would like to use it to pay my student loan
my question is, does AMEX incur CA for making such payments
thank you

Your question is phrased incorrectly. Rather than asking does Amex allow student loan payments, your question should be do student loan providers allow payments by Amex?

Amex won't have a problem with you paying student loan bills with a credit card. Unfortunately, you student loan providers are not going to accept CC payments. Maybe private lenders will, but if you have Federally subsidized loans, you generally cannot pay them with a CC.Thus, you cannot pay most student loans directly by CC. I would love if I could pay my student loans by CC since my 10 year repayment plan installments are around $1.5k/month and I pay closer to $2.5k each month towards paying them off. However, unfortunately, direct payments by CC are not possible.

There are potentially ways around this. For example, you might be able to use something like Amex Serve, but I have not tried that. Since Amex Serve (or similar options) can send a check to third parties, it might be possible to load it with a CC from one of the banks that don't treat money moved to Amex Serve as a CA (e.g. Chase) and then use Amex Serve to send a check to the loan provider. However, I am not sure if this will work as I have not tried it (in theory I think it should). Unfortunately, programs like Amex Serve have maximum monthly uploads by CC and other hassles to deal with so I have never bothered trying to use them to pay my student loans.

Re: AMEX pays student loan?

FocusedAndDetermined — Sun, 18 Jan 2015 04:12:35 GMT

@Luscher wrote:
Edit: Ive paid through the school using there bill pay service that charges you a 2.5% fee. But I have not paid a student loan (ie. sallie mae etc...)

I'm so grateful that paying the bill is the one thing my DD's school doesn't nickel and dime about. No additional charge. I usually split it between Barclays and DD's PRG, rack up the points and PIF when the statements cut.

Re: AMEX pays student loan?

creditfan — Sun, 18 Jan 2015 05:28:19 GMT

sorry my bad

just checked it accepts every CC payments except AMEX .........sigh!

for a quick question?

can I add my AMEX Bus CC to personal CC in the same login profile?

so happy just got approved for simplycash

Re: AMEX pays student loan?

Kostya1992 — Sun, 18 Jan 2015 11:52:48 GMT

Could just go buy cash cards and pay student loans with that

Re: AMEX pays student loan?

red259 — Sun, 18 Jan 2015 18:40:38 GMT

@Kenny wrote:
I don't know of a student loan that allows you to pay them by credit card.

+1 I wish my student loan lenders would accept credit card payments. As it is I am able to pay part of my student loans via other means with credit cards, but I can't even use those methods to make full payments. Its really annoying.

Re: AMEX pays student loan?

SomeGuyOnTheWeb — Sun, 18 Jan 2015 18:57:16 GMT

@Kenny wrote:
I don't know of a student loan that allows you to pay them by credit card.

Iirc, you can if your account is about to go into default. Otherwise, no. Though I'm sure there are ways around it.

Re: AMEX pays student loan?

Anonymous — Sun, 18 Jan 2015 18:59:42 GMT

@red259 wrote:
@Kenny wrote:
I don't know of a student loan that allows you to pay them by credit card.
+1 I wish my student loan lenders would accept credit card payments. As it is I am able to pay part of my student loans via other means with credit cards, but I can't even use those methods to make full payments. Its really annoying.

Redbird allows 5K a month. Not enough?

Re: AMEX pays student loan?

Anonymous — Sun, 18 Jan 2015 19:30:38 GMT

My loans are through Nelnet amd this post had me curious so I called to see if credit cards are accepted. The representative said while the loans are in deferment theres no credit card payment option but as of August 2016 a credit card option would be available if paid on the due date or if the payment was past due. This could change between now and then but good to know for now

Re: AMEX pays student loan?

sunkissed — Sun, 18 Jan 2015 19:32:54 GMT

@Anonymous wrote:
My loans are through Nelnet amd this post had me curious so I called to see if credit cards are accepted. The representative said while the loans are in deferment theres no credit card payment option but as of August 2016 a credit card option would be available if paid on the due date or if the payment was past due. This could change between now and then but good to know for now

I'm fairly certain Nelnet charges a hefty fee for credit card payments. You may want to investigate further.

Re: AMEX pays student loan?

Anonymous — Sun, 18 Jan 2015 19:34:39 GMT

@sunkissed wrote:
@Anonymous wrote:
My loans are through Nelnet amd this post had me curious so I called to see if credit cards are accepted. The representative said while the loans are in deferment theres no credit card payment option but as of August 2016 a credit card option would be available if paid on the due date or if the payment was past due. This could change between now and then but good to know for now
I'm fairly certain Nelnet charges a hefty fee for credit card payments. You may want to investigate further.

Ugh I knew I forgot to ask him something lol The fee involved! Thanks. Of course I wouldnt expect them to volunteer that helpful info

Re: AMEX pays student loan?

sunkissed — Sun, 18 Jan 2015 19:39:08 GMT

Nelnet's FAQ states:

Can I make a payment with a debit or credit card?

Depending upon your lender, you may be eligible to make a payment with a debit or credit card. Please call us to do so. If your lender allows a payment with a card, there will be a $15.00 fee assessed.

So, it's not as high as I imagined, but it's much, much higher than I'm willing to pay - especially on a monthly basis.

Re: AMEX pays student loan?

Anonymous — Sun, 18 Jan 2015 19:39:15 GMT

Called back and the nice young lady said Nelnet does not charge a fee when paying with a credit card but that my credit card company might. I cant imagine why any of the lenders would charge me a fee for this if its a regular monthly payment like any other I put through? I'll make sure to confirm this again before payments start

Re: AMEX pays student loan?

sunkissed — Sun, 18 Jan 2015 19:41:00 GMT

Honestly, I just use the Target Redbird account to make my student loan payments, like LTL suggested earlier.

Re: AMEX pays student loan?

Anonymous — Sun, 18 Jan 2015 19:41:37 GMT

@sunkissed wrote:
Nelnet's FAQ states:
Can I make a payment with a debit or credit card?
Depending upon your lender, you may be eligible to make a payment with a debit or credit card. Please call us to do so. If your lender allows a payment with a card, there will be a $15.00 fee assessed.

So, it's not as high as I imagined, but it's much, much higher than I'm willing to pay - especially on a monthly basis.

Ugh Im confused. Is this fee something the credit card companies have agreed to charge in order to allow the payment or is this a fee Nelnet charges? If I plan to pay a bulk of it at once then the $15 wont bother me so much but $15 extra a month is no.