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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » Can or SHOULD I use some of my student loan refund to pay off small credit card debt?

Can or SHOULD I use some of my student loan refund to pay off small credit card debt?

I am starting my masters program in a month and I was just approved for a student loan $10000 over what I need for the entire year, including books & fees. I am trying to decide whether to reject or accept the overage amount. My husband and I are in minimal debt – about $3000 of stupid credit card charges that have a ridiculous rate and could use the money to pay it off so we could better our credit and refinance our home and get a better car loan rate when we have to buy a new car in December (lease is up). Anyways, I am trying to decide whether to accept some of the overage. I could also say it was child care and other education related expenses since we did use the credit card for her preschool.

What do you think???

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One Response to "Can or SHOULD I use some of my student loan refund to pay off small credit card debt?"

  1. rick says:
    No NO NO! You never want to pay off unsecured debt (credit card) with secured debt (student loan). Student loans are not discharged in bankruptcy god for bid you have to go through that. I know it would be an easier option but just pay off the credit cards another way. You never know what will happen to you in the future, don’t mess yourself up with a type of debt you die with. Good luck.

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