Sallie Mae Gives Option To Pay Student Loans With A Credit Card

According to reddit user McTomCat Sallie Mae is giving those with student loans the ability to pay those student loans with a credit card. This could be a good way for some people to generate some additional miles/points/cash back or meet a minimum spend requirement. That being said please only do this if you’re able to pay off the credit card immediately as the interest rate on your credit card will be significantly worse than your student loan.

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BOB
BOB

When majority of senate is republican, they are basically showing middle finger to students who are under huge debt.

AllwaysLearning22
AllwaysLearning22

Bob, please let’s this keep the political BS out of this forum!

This is one reason I enjoy visiting

And how else would I find about all the checking bonuses 🙂

BOB
BOB

This is the time this corrupt agency should forgive student loans. Govt rather give trillions to businesses but make sure student who are under huge debt borrow more from horrible bank’s credit card and pay banks 12-30% interest

Very smart and Very corrupt Sallie Mae

This is just for the record: TIK TOK company who short videos we all enjoy is actually China bases company whose interest is controlled by Beijing and Chinese communist party. They are stealing your data from your phones and laptops. DO NOT PLAY/DOWNLOAD TIK TOK. They will ruin your life with viruses on your hard drive.

I just warned readers of doctor of credit. Be smart now

Bob

Shelli
Shelli

If this isn’t an April Fool’s joke, used carefully it could be a way of reducing the interest rate you pay on the loans if you can scare up a sequence of 0% rate cards.

Parts Unknown
Parts Unknown

I thought this was illegal now.

BOB
BOB

When majority of senate is republican, they are basically showing middle finger to students who are under huge debt

LAG
LAG

They’ve always taken by phone… but it sure is nice to do so from their app (assuming they don’t charge a fee that is; otherwise, worthless.) Also, Amex doesn’t work IME.

Jack
Jack

Visa, MC, and Discover only. Damn.

AS
AS

Even if Amex is an option, RAT is likely chasing after you?

Eric
Eric

I don’t even know why people even bother getting Amex cards anymore. With the RAT team and a lot of places not receiving MR points on purchases or even points claw back, it begs the question, what is the point of using Amex cards for any sort of MS?

beat2def
beat2def

Put your normal spend on the Amex and your MS on a Visa/MC. That’s my flow.

Jack
Jack

I have student loans. How am I supposed to spend money on anything else?

JJ
JJ

A lot of stupid people are going to get a “free trip” from points but be paying triple the interest rate on their student loan.

Peek
Peek

At least they can file bankruptcy to clear the credit card debt unlike on the student loans themselves.

Jeremy
Jeremy

This is actually an amazing plan. I wonder if card issuers will catch on and disallow use for this purpose.

Andrew
Andrew

Some student loans can actually be cleared away during bankruptcy, get a lawyer who knows specifically about the options with student loans and bankruptcy.

Pahanin
Pahanin

Hmmm…pay student loans for the next 30 years or charge it and deal with bankruptcy on the credit report for a few years….

FR
FR

College didn’t work so great for those people.

Frank
Frank

Anyone know how to get one of these loans so I can pay it off?

Ron
Ron

It’s a student loan…. So buying a house should work.

Angie
Angie

Really hope Mohela follows suit. I could definitely use the points!