How do I take out student loans to help pay credit card bill?

Discussion in 'Community Discussion' started by jc0481, Nov 30, 2013.

  1. jc0481 macrumors regular

    Joined:
    Mar 16, 2005
    #1
    My credit card is not a big bill. It's $1,200. I have heard of people taking out student loans to pay their credit cards and other debts.

    I am not going to take advantage of that. I have bad credit due to my relative screwing me over. I thought I could trust my relative by co-signing but unfortunately he proved me wrong.

    I'm close to graduating and have a potential job offer after I graduate.

    But I'm not sure how to take out a student loan to pay my debt. If someone can direct me how to do this I would appreciate it.

    I don't have anything of value to sell either. I just hit this rut and this is the only way I know how. Also I can't get a second job because I am still going to school.

    I have tried to research it but nobody states "HOW" to do it. They just say they did it and the search just comes up with student loan companies.
    I hope I can get a check mailed to me and if I get too much I WILL be sending back the rest.
     
  2. sviato macrumors 68020

    sviato

    Joined:
    Oct 27, 2010
    Location:
    HR 9038 A
    #2
    Use money from your first job?
     
  3. jc0481 thread starter macrumors regular

    Joined:
    Mar 16, 2005
    #3
    I don't get paid that much :-(

    It only covers so much
     
  4. dukebound85 macrumors P6

    dukebound85

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  5. Jnesbitt82 macrumors 6502

    Jnesbitt82

    Joined:
    Oct 21, 2013
    Location:
    Ohio
    #5
    Dangerous ground your about to step on. Do not take out a student loan just to pay an already bad account. If the account is reporting as delinquent, then that will be on your credit report for 2 years minimum. Work out a payment arraignment with the credit card company until you can catch up. Do not create a new debt just to have temporary relief.
     
  6. puma1552 macrumors 601

    Joined:
    Nov 20, 2008
    #6
    Really - the minimum payment is probably even less than that.

    If you have bad credit because of the co-signer, well, then the primary account holder (you) failed to make their payment on whatever it was otherwise it would've never landed on the cosigner to begin with. But based on this thread, it's pretty clear you have no financial sense.

    You want to spend 10 years paying off $1200? Use your head for a minute here. Robbing Peter to pay Paul doesn't get you anywhere, but it will get you into 120 payments probably at 6.8% that will turn into several thousand bucks and will not be dischargeable in bankruptcy, should you ever end up in that boat.
     
  7. ucfgrad93 macrumors P6

    ucfgrad93

    Joined:
    Aug 17, 2007
    Location:
    Colorado
    #7
    Agreed. Find a way to make the payments. Payment on a $1200 loan shouldn't be very much.
     
  8. GoCubsGo macrumors Nehalem

    GoCubsGo

    Joined:
    Feb 19, 2005
    #8
    I believe this falls in the "robbing peter to pay Paul" territory. Why in the world would you take out a loan to pay off credit card debt? This sounds incredibly dumb. While you blame some relative for your bad credit, something tells me you're not doing well anyway. This scheme is to obtain a loan that cannot be extinguished through bankruptcy, for example. So if you continue to get into trouble you can't even get rid of that debt. I'm saying that your credit decisions seem poor and bankruptcy could be something you'd try if you continue to get into trouble.

    Make minimum payments on the credit card and avoid student loans at all costs if possible.
     
  9. Micky Do, Nov 30, 2013
    Last edited: Nov 30, 2013

    Micky Do macrumors 68000

    Micky Do

    Joined:
    Aug 31, 2012
    Location:
    An island in the Andaman Sea.
    #9
    Take a job, not a loan.

    I have "loaned" people money (at no interest) to pay off their debts………

    Have written off being repaid by almost all. Most are a lost cause who go on to get further into debt.

    I don't own much; don't have a credit card, and have never been in debt.

    I do have a degree. Having worked my way through college, I graduated free of debt.

    Now I have freedom.….. to enjoy a hugely satisfying job that pays a pittance.
     
  10. rei101 macrumors 6502a

    Joined:
    Dec 24, 2011
    #10
    Money lesson... pay yourself first.

    That means... first pay your education, pay your debs and then pay services.

    With your credit card... just set up automatic payments above the interest rate so it will pay itself each month and reduce the debt. Lest say, you want to pay it in a year, well, make $70 payments per month, any way, every time you pay the % is less in $.

    And do not use that credit card any more.

    I use debit, the only risk is that my account can get ripped off if hacked. But still. I am going to use my credit card again just for protection, for bills.

    Credit was conceive to but things for a business. Lest say, you need a printer for a business or any asset that will paid itself on a realistic transaction and then is when you need credit. Not to buy clothing or game consoles, no for luxuries.

    So... leave your credit card paid itself. I had one with $5K and I was making $6K a month, I have been trying to pay it for more than a year. The problem is that you have extra expenses every month, you car brakes, phone bills... extras. So, just pay your credit card and do not use it. Or get a secure credit card with a $1000 limit.
     
  11. Jimbo47 macrumors 6502a

    Joined:
    Jun 21, 2010
    #11
    Chances are the bank won't approve a loan anyway, unless your credit card company hasn't reported you (yet) for not paying.
     
  12. Jessica Lares macrumors G3

    Jessica Lares

    Joined:
    Oct 31, 2009
    Location:
    Near Dallas, Texas, USA
    #12
    $1,200? Leave it alone and pay $100 towards it per month.

    Never get your relatives involved in financial dealings.
     

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