Sep
02
can i get a student loan (or just a loan) to pay off my credit card?
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i live in California and i am 22 years old and attending school full time. i just got laid off of work but i am well protected to avoid bad credit. but i was wondering if their is a student loan i could get to just pay my credit card off now and deal with it after i get out of school. i have great credit and no other debts other then this credit card.
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3 Comments
December 3rd, 2009 at 10:35 pm
Simply put no there is not.
December 4th, 2009 at 2:41 am
Unless you used your credit card exclusively to cover school expenses, that’s not what student loans are for. And taking on more debt to pay off your current obligations is a spectacularly bad idea if you want to keep a decent credit rating and/or get out of debt eventually. See if you can work out some kind of arrangement with your credit card company; if you’ve been reliable up until now and you’re clearly trying to do the right thing, they may be able to cut you a bit of slack until you’re working again, provided you’re not ringing up purchases you can’t afford in the interim.
December 4th, 2009 at 5:19 pm
You could look into non-certified school loans but they are harder and harder to come by these days and even qualify for. Depends on how much you made this year so far/last year/credit score etc… The money goes directly to you and by-passes the school. Might need a co-signer for them if you have someone willing…
There are only a handful of companies that even offer them but its a possibility if you really want to look into it for that, of course the interest thru school will be added to the loan amount.. But most of them (Chase excluded) you can pay back in as quick as you like after school.
I have 2 non-certified loans to cover my living expenses thru nursing school b/c i need a lot more than what the school certified to support myself independently..
Wells Fargo has one called the Education Connection loan, Chase has one but it has early-repayment-penalties.. Salliemae use to have one and campas door use to have one but both are now unavailable due to the current state of the economy. might open em back up tho in the future…