Single parent, enrolled in college. I have current credit card (high interest). I am trying to figure a budget so I know how much I need to apply for (student loans). I have qualified for Pell Grant, but this will not be enough to live off of. I will work part time and attend school full time. Please help with any advice or experiences you have.
Is it smart to pay off current credit cards with student loan?
Absolutely, you should pay off your credit card with lower-interest rate student loans.
Unfortunately, student loan interest rates go WAY up on 6/30/06 thanks to Dubya! It is imperative that you consolidate before then.
Myself, I am a grad and need to consolidate my loans before the deadline! So I went on a google hunt (I mean search ;). Eventually, I did find a site that has rated a few student loan consolidators, and says they have checked them out. Here's the web page: http://lendersrated.com/studentloans.htm
Hope it helps you...
karateross
Is it smart to pay off current credit cards with student loan?
YES
You must be able not to get in the debt again then it would be ok
Is it smart to pay off current credit cards with student loan?
Sometimes it is better to consolidate the loans so the lower interest one has most of the debt. That was in the long run you will pay lower costs and you will be making only one check out monthly. It will also look good on your credit report because a bill has been paid off and is in good standings.
Is it smart to pay off current credit cards with student loan?
Yes, roll that debt into the loans. The interest is lower, and the repayment can be postponed easily. I did it. Take out all the subsidized loans you can, the interest on them does not accrue until you graduate.
Is it smart to pay off current credit cards with student loan?
Have a look here.
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