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Home Ask Student Aid FAQ Can I Pay Student Loans with a Credit Card

Can I Pay Student Loans with a Credit Card

If you are looking to repay your federal student loans with a credit card, the answer is simple, no. Federal student loan services will not accept credit card payments for federal student loans. If you are a private student loan borrower, your lender may allow you to pay your student loan with a credit card. There may be fees or limitations on how many times you can pay your student loan with a credit card. There are also intermediary services which will allow you to use credit in places where you typically can’t use credit—however there could be costly fees associated with that type of service.

Here’s the thing, even if you can find a way to do it, paying your student loan with a credit card is typically not advised because it can be expensive! Unless you plan to pay your balance in full, a credit card will likely have a higher interest rate than your student loan. Or if you need to use a service to help you pay your student loan with a credit card, you will be charged a fee upfront. Another reason? Well, credit cards don’t offer borrower benefits like, flexible repayment option, the ability to postpone during periods of financial hardship, and loan cancellation for total and permanent disability and death.

The app ChangEd will allow you to link a credit card with a bank account to help you repay your student loans faster. ChangEd is a round up app—which basically means it rounds up all your purchase to the dollar. That spare change is then used to help pay off your student loan quicker! Now, ChangEd won’t let you only link a credit card, it will also require you to link a bank account. It won’t round up charges made on your credit card, it will actually round up the spare change from your linked bank account (the last thing they want to do is add to your debt!).