Useing a student loan to pay off debt?

Question

I want to know if you can use your student loans to pay off credit card debt and such,or does it have to go all for school? Yes and I know I will have ot pay interest on it. And what would be the best student loan for this?

Answer 1

Yes, you can pay for any expenses that will help you effectively complete your studies (any stress factors). Also, it depends on which type of loan you have - subsidized [interest will not start until you complete school or fall below a full load of classes]; unsubsidized [interest starts accumulating when the funds are released]. If your interest rates for your credit cards are higher than the student loan (I think the maximum cap is 8.25%), I would suggest using it to pay off debt. Ultimately, it is your decision and no one should guilt you into doing something that will help you alleviate stresses in your life -- a fellow college student.

Answer 2

I used mine to pay off my credit cards.. I would rather pay the 8 % than to pay the CC rates. In the long run, not paying interest is helping you.. ANy student loan will work..PRIVATE loans require good credit.. stafford loans don't. Don't tell your school, what you are doing. It is to be used for LIVING EXPENSES (which that is for me cause I charge food and stuff) and school only.. GL

Answer 3

Strictly speaking that's improper...Student loan money is meant for school expenses.

Answer 4

here is a link you might want to check out about student loans.
hope this helps

Answer 5

you dont really have to worry about your credit unless you are buying a house or car.

Answer 6

http://loanconsolidation1.blogspot.com has good ideas and help for student loan consolidation and refinancing student loans

http://loanconsolidation1.blogspot.com