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Can I Pay Off a Credit Card with my Student Loan

The short answer is nope. At least, you shouldn’t. Student loans are intended to cover educational related expenses. You know…tuition, fees, textbooks, housing. You probably already know how this works, but student loan proceeds are sent to the school which will apply the funds to your account to pay for tuition, fees, campus housing, etc. If there are any proceeds remaining, your school will issue those to you (or the borrower), usually in the form of a check. This is where it gets tricky for a lot of students, and where this question comes into play.

A number of students think they can spend their check on their credit card bill. If you were in a situation where you needed to charge education related expenses before your loan funds arrived (think textbooks, for example), you could certainly justify the use of your student loan for that type of reimbursement. But credit cards are not intended for education-related charges, student loans should not be used to pay for them. We suggest you look into a part-time job, or federal work study. When in doubt about managing your student loan proceeds, we recommend consulting with your financial aid office.