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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Looks like this is no longer the case :(
Was working until like last month I believe.
When majority of senate is republican, they are basically showing middle finger to students who are under huge debt.
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 :)
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
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I just warned readers of doctor of credit. Be smart now
Bob
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.
I thought this was illegal now.
When majority of senate is republican, they are basically showing middle finger to students who are under huge debt
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.
Visa, MC, and Discover only. Damn.
Even if Amex is an option, RAT is likely chasing after you?
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?
Put your normal spend on the Amex and your MS on a Visa/MC. That's my flow.
I have student loans. How am I supposed to spend money on anything else?
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.
College didn’t work so great for those people.
At least they can file bankruptcy to clear the credit card debt unlike on the student loans themselves.
Hmmm...pay student loans for the next 30 years or charge it and deal with bankruptcy on the credit report for a few years....
Some student loans can actually be cleared away during bankruptcy, get a lawyer who knows specifically about the options with student loans and bankruptcy.
This is actually an amazing plan. I wonder if card issuers will catch on and disallow use for this purpose.
Anyone know how to get one of these loans so I can pay it off?
It’s a student loan.... So buying a house should work.
Really hope Mohela follows suit. I could definitely use the points!