Top 10 Student Loans With a Credit Card 2024

Filed in Loan, Student Loan by on January 19, 2024

Student Loans with a Credit Card – Are you wondering if you can pay off your student loans with a credit card? Well, the answer is yes. Some organizations offer student loans with credit cards and those organizations are listed on this content.

Student Loans with a Credit Card

Numerous credit cards are designed specifically with students’ spending patterns and needs in mind. Other possibilities are more broad, but they are still good choices for eligible students.

Learn more about the top student loans with credit cards in 2024, and where to get a loan with your credit card. continue reading.

Top 10 Student Loans With a Credit Card 2024

You might have wondered if you would be able to pay student loans with a credit card. Don’t worry, we’ve got you covered. Below is a list of organizations that offer loans to students with credit cards.

College Ave

There are no application, origination, or prepayment costs at College Ave, and interest rates are competitive. When registering for autopay, borrowers receive a 0.25% rate discount in addition to having the option of a fixed or variable rate.

College Ave. also provides choices for postponement, forbearance, and grace periods as shields against difficulty. Repayment of College Ave student loans can begin while the borrower is still enrolled in classes.

Eligible loans: Undergraduate and graduate loans, graduate health professions, and parent loans

Loan amounts: $1,000 minimum; maximum up to cost of attendance

Loan terms: 5, 8, 10, 15 years; graduate loans up to 20 years

SoFi

In addition to offering competitive fixed and variable refinancing rates, SoFi also offers a 0.25% autopay rate savings. Prepayment penalties do not apply, nor are there any application or origination costs.

In addition to making student loan payments while enrolled in school, borrowers are eligible for alternative forbearance options, including unemployment protection.

Eligible loans: Undergraduate and graduate loans, parent loans, health professions loans

Loan amounts: $5,000 minimum (or up to state); maximum up to cost of attendance

Loan terms: 5, 7, 10, 15 years; refinancing loans up to 20 years

Sallie Mae

Sallie Mae offers fixed or variable interest rates that are competitive when compared to those of other private lenders. Borrowers can benefit from no origination, application, or prepayment fees in addition to a 0.25% autopay rate savings.

Two types of borrower protection are forbearance and deferral. Sallie Mae permits its clients to begin debt repayment while they are still enrolled in classes.

Eligible loans: Undergraduate and graduate loans, health professionals, medical and dental residency loans, bar study loans, and career training student loans

Loan amounts: $1,000 minimum; maximum up to cost of attendance

Loan terms: 10, 15 years

Earnest

Competitive interest rates and the choice of variable or fixed are available with Earnest. In addition, borrowers will receive a 0.25% autopay rate reduction. Prepayment penalties and origination costs do not apply. A nine-month grace period and the ability to make payments while enrolled in school are two of the borrower’s protections.

Eligible loans: Undergraduate and graduate loans, parent loans, half-time student loans, international and DACA student loans

Loan amounts: $1,000 minimum (or up to state); maximum up to cost of attendance

Ascent

Ascent borrowers have the option of a fixed or variable interest rate, and autopay can result in an interest rate reduction of up to 1%.

There are no origination or application costs, nor are there any penalties for repaying your loan early. In addition, the Ascent provides benefits such as 1% cash back on the main loan amounts upon graduation.

Borrowers also have the option of forbearance and deferment. Borrowers with Ascent student loans can begin making payments while enrolled in classes.

Eligible loans: Undergraduate and Graduate Loans, Health Professions and PhDs, Master’s loans

Loan amounts: $2,001 minimum; maximum up to $200,000 for undergraduate loans; up to $400,000 for graduate loans

Loan terms: 5, 7, 10, 12, 15, 20 years

Credible

Unlike other organizations on this list, Credible is not a lender for student loans. Rather, it provides borrowers with a free comparison tool that allows them to quickly complete an online application and compare actual prequalified rates offered by the lenders it partners with.

Should you decide to proceed with an offer, Credible’s team will assist you in filling out an application with the lender and verifying your acceptance. Your credit will not be harmed and there are no costs associated with completing an application.

Eligible loans: There is no eligibility requirement.

Loan amounts: $1,000 – 100% of certified costs

Loan terms: Varies by lender.

How Do Student Credit Cards Work?

The only difference between student credit cards and regular credit cards is that they are specifically made and sold to students.

Candidates may expect confirmation that they are enrolled in school, and the terms of the card will probably differ from those of other cards intended for those with nonexistent or very poor credit histories.

The terms and conditions of student credit cards are largely similar to those of regular credit cards. Many of the same features and benefits are available in the student card market, along with the same kinds of fees and interest.

Most student cards don’t come with opulent travel benefits or protections, and their rewards can be a little tainted when compared to the greatest rewards cards available. A student card works the same way as any other credit card.

Best Student Credit Cards

Student credit cards are a great way to get credit and build credit. Since card issuers are aware that students typically have a short credit history, they frequently have less strict credit standards than traditional cards.

Below are some of the best student credit cards.

Bank of America Customized Cash Rewards Credit Card for Students

With this card, you could earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. With the card, you can earn 3% cash back in any category of your choice. There are no annual fees, and cash rewards don’t expire as long as your account remains open.

Capital One Quicksilver Student Cash Rewards Credit Card

Every purchase you make will earn you 1.5% cash back on a daily basis, and $50 when you spend $100 throughout the first three months. Additionally, 10% cash back and free Uber One membership statement credits are available for purchases made through Uber and Uber Eats.

There aren’t any hidden fees, annual fees, or costs for international transactions.

Capital One SavorOne Student Cash Rewards Credit Card

In addition to 1% on all other purchases, 3% cash back is available for restaurants, entertainment, popular streaming services, and grocery stores using this card. There are no hidden fees, yearly fees, or costs for international transactions.

Bank of America Unlimited Cash Rewards credit card for Students

You could get a $200 online cash rewards bonus after you make a minimum of $1,000 purchases in the first 90 days of your account opening and 1.5% cash back on all purchases. There is no annual fee charges.

Discover it Student Chrome

At the end of your first year, Discover will automatically match all of the cash back you have earned! Thus, $50 in cash might be converted back into $100. or exchange $100 in cash for $200. There is no upper limit on incentives or minimum expenditure. Only a dollar-for-dollar equivalent. No credit score is required to apply.

What Could Happen When You Pay Student Loans with a Credit Card?

When you move your student loan debt to a credit card, you give up certain protections like; you no longer have consolidation, deferment, forbearance or loan forgiveness options. If you have a federal student loan, you will lose options for death discharge, disability discharge and the right to cure a default.

In addition, you will face higher interest rates and fees. Federal student loan servicers won’t let you pay with a credit card directly, you have to use a payment service like Plastiq, which acts as an intermediary for a fee. And if private student loan companies accept credit card payments, they may charge a transaction fee as well.

What to Consider When Using a Credit Card to Pay Student Loans?

1. Make at least the minimum payment every month. If you miss a payment or are late making your payment, you may trigger a penalty APR, which is often as high as 29.99 percent.

This rate can easily outweigh the value of any rewards you earn by making payments with a credit card, and you’ll lose your zero percent introductory rate on balance transfer cards when you trigger the penalty APR.

2. Don’t max out credit card limits with student loan balance transfers. You can only transfer as much of a balance as you can qualify for. If you have $20,000 in student debt but only qualify for a $10,000 credit limit on a balance transfer card, you will only be able to transfer $10,000 to the card.

The remaining $10,000 will stay on your student loan balance. Be aware that using more than 30 percent of your credit limit is not recommended, as a high credit utilization rate can lower your credit score.

3. Get pre-approved before applying. You should only apply for credit cards that meet your needs and that you think you’ll be approved for. Pre-approval can give you an idea of whether you’ll be approved and the credit limit you can expect.

Knowing your credit limit is especially important for balance transfer cards so you can compare offers to find the best card for your needs. Preapprovals protect your credit rating because they’re a soft inquiry that doesn’t affect your credit, unlike a hard inquiries performed when you submit a full application.

4. Avoid annual fees. They can eat into any savings you realize when using a credit card to pay for student loans. Ideally, you should look for a credit card with no annual fee. If you choose a card with an annual fee, make sure it will save you at least as much as the annual fee.

5. Choose a credit card with the lowest APR possible. Even if you plan to pay your balance in full before interest applies, it’s a good idea to look for a card with a low APR in case your payments don’t go according to plan.

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CSN Team.

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