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Posted in Student Loans
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Question By
egierhart

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Pay Sallie Mae student loan with credit card
I'm 25, want to get married and get a house soon, but need to pay the remainder of my student loans. I am pretty careful about paying off my current credit card, about every week, and am thinking about applying for a 0% for 18 months balance transfer credit card to pay off the rest of my loans. I am confident I would have been able to pay the rest of my loans within the next 8 months because all extra money goes straight into my loans, but I want to save money. Is this a wise decision? Has anyone done this with Sallie Mae?

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Balance transfer

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With a balance tranfer there is a balance transfer fee usually 3-5% so you need to figure out if you will be saving more than this amount then it is worth it. If you plan to be applying for additional credit in the next 18 months, be carefull when doing a balance transfer not to max out the card, doing so would hurt your credit likely over 40 points. Not sure the exact percentage that would be good but I have cards that I did 60% and didn't hurt credit. Also when applying for the card there's a way to apply for a few cards and get just one inquiry, google "3 browser method".

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