Hi all! Normally I would never even consider this as an option, but I've got a student loan tradeline so close to being gone and done with I am wondering if this is a good option for me.
I currently have a student loan tradeline sitting at ~$1,800 with a 6.55% interest rate. I just got my tax return and I am planning on throwing $1,000 at this tradeline specifically, bringing the balance down to $800 and some change.
With barclays nerfing my beloved sallie mae mastercard, I have been looking for a use for the new card they are replacing it with and I think I may have found one. I have a balance transfer offer on the card for 0% interest until April 2018. Plus it only has a transfer fee of 1%. So if I use this balance transfer, the fee wouldn't outweigh the amount I'm saving in interest, if I'm figuring this correctly.
To pay it off before the 0% is up, I'd have to pay about $67 per month, which I am pretty sure I could do in addition to the regular $255 I pay toward my student loans now--and by paying off that tradeline, wouldn't more of my payment be allocated to my other 8 tradelines? (They are all serviced by Navient so I make one lump sum payment per month, if that matters).
I just want to get some opinions before I do this--normally I wouldn't advocate for replacing debt with different debt, but in this case I think it makes sense. Is my reasoning right?
im bumping this for you.
hopefully it works out!