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Posted in Student Loans
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Tfnally

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Student loan debt
What's the best way to pay off student loans? I have 4 loans and owe a total of $6,000. Should I just find a low interest credit card or try and get a personal loan to pay them off. I'd like to pay them off in the next 2 yrs. But if I keep paying through the student loan people it take a lot longer because of the interest I'm paying.

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You probably are not going to find a low interest credit card. Some have zero percent intro rates, but not for two years, some 15 months and some even have 18 months, but you got to have good credit to get one of these and you have to have a good income to get a line high enough to cover the amount. Then you would be maxing a credit card and that would cause score damage until you get it paid down. On another note, the student loan company may not accept credit cards for payment, so you would have to go with a credit card company that would issue you checks in addition to a card and that would be something to be concerned about. All in all, I do not think a credit card is the answer. You would need to find an unsecured personal loan to pay this off and the rate probably won't be the best and you will need good credit for this too. If you have collateral maybe you could get a Secured loan and get a lower rate. Could you get extra hours at work or pick up a second job? Sell things that you don't need? Set up a better budget? etc? Those are things to look at.

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