Guide Paying Student Loans with Credit Cards: just how to spend figuratively speaking with charge card

Guide Paying Student Loans with Credit Cards: just how to spend figuratively speaking with charge card

At the beginning of the 2017, loan servicers for student education loans eliminated the capability to make re re payments with bank cards. This is a blow that is big those who were hoping to find how to easily make additional miles/points or fulfill minimal spends for charge card indication ups.

I do want to preface this by saying you need to just use the recommendations in this guide in the event that you meet up with the after 2 conditions:

  1. You are able to spend the balance off in complete on a monthly basis.
    • 15%+ interest wipes out any advantages you get by spending with a charge card
  2. The rewards you get outweigh the charge you pay.
    • Minimal spends for register bonuses could be a reason that is good
    • Good quality options that are ongoing: Citi DoubleCash and Chase Freedom Unlimited

Present of university Gift Cards (1.1% charge)

Initial thing to always always check is when your loan servicer is supported by the present cards.

You’ve got register, head to “My Profile”, and“Add a Plan” then.

You can observe all of the servicers within the “Savings Arrange or education loan Account” dropdown.

You can get present of university gift cards online from:

The limitations for online present cards have now been fallen to $200 making the option that is online. When you do opt to get this path, the charge is $5.95 for almost any value above $100, so you may because well perform some max of $200. You simply can’t select the day that is current the “Date to Send”, and that means you will need to wait each day to get the present card.

You can aquire present of university present cards in-store from:

  • H-E-B Texas Grocery
  • Fred’s Pharmacy
  • Brookshire Brothers
  • Foodmaxx
  • Fortunate
  • Save Mart
  • Target ($50, $100)
  • Barnes and Noble (restricted places, $200 maximum)

Then you can certainly return to the Gift of university web site to redeem. Click “My Profile”. It already, set up your loan account by clicking “Add a Plan” and filling in the requested information if you did not do. Numerous loans may be detailed hand and hand, most likely aided by the name that is same the red areas within the screenshot below. Go through the plan you would like and then “Redeem Gift Card”

Select “Gift of university Gift Card” for the present Method then fill out of the information you received in your e-mail.

Just how long does it just just take to attain account?

  • Formally, 3-14 times.
  • Navient: 9 company days
  • Nelnet: 14 company times (1)
  • Firstmark: 5 company times (1)
  • Great Lakes: 14 company times (1)
  • Mohela (SoFi): 8-12 company times (1)
  • Fedloan: 8-11 company days (12)
  • AES: 9 company times (1)
  • GSMR: 11 company times (1)

I like this technique as you can perform it in your underpants. No making the home together with cost is low. Be sure to allow the full time if you’re counting on this for the payment.

Prepaid Present Cards (Adjustable charge)

Buy these from your own favorite workplace supply shop, Simon shopping mall, or other store. Minimal fee i am aware of is Simon shopping shopping mall $3.95 for a $500 prepaid Visa Gift Card for a 0.79% cost. You might have better choices by you. Several loan servicers accept debit cards for payment of student education loans. You might transform the present cards into cash sales and spend that real method if debit cards aren’t accepted.

When your servicer accepts US Express, you can reduce the charge even more to 0.13% having a $3000 present card with a $3.95 charge from United states Express. Try to find promo codes before buying. My Great Lakes is reported to simply accept US Express present Card. Navient just takes Visa and MasterCard.

I know would not test this technique, however it should work.

Just how long does it take to attain account?

  • Immediate, you spend straight to loan servicer via phone or online.

Plastiq (2-2.5% charge)

You are able to spend many kinds of bills with charge cards.

Just how long does it just simply take to achieve account?


My recommendation that is personal is the present of university path for those who have usage of the $500 value real cards. We additionally used Plastiq for many re re payments once I didn’t understand how long the Gift of university cards would decide to try strike the account. The present card path works fine if you have actually a dependable and place that is convenient purchase them. For me personally, present of College ended up being much more convenient.

12 thoughts

1. Are you able to please explain firstly 2 conditions within the preface?
2. GOC costs 5.95 for $500, Prepaid giftcards 3.95 still why GOC?

1. I’m saying don’t waste time and cash having to pay figuratively speaking with bank cards if you are planning to transport a stability and spend interest or perhaps the rewards received don’t outweigh the cost. You may also spend with money if either of the conditions does work.
2. Major reason is exactly what i love to phone the “underpants factor”. Meaning, you can certainly do the process that is entire present of university without making your house in your underpants. Prepaid gift cards calls for one or more end and perhaps two stops if you need to transform into cash purchase. While some don’t go on it into account, some time gasoline is something that may be worth me personally.

Hi Brian, thanks for the great information and tutorial. I’ve simply registered for GOC and simply pointed out that the amount that is largest the web purchase choice is currently $200, by having a charge of $5.95. Maybe you have noticed this new optimum value from the real cards bought from retail places? I’ve find out about a trend that is similar the debit gift cards aswell. Would you all this impact your strategy?

Many many many thanks once again!

Brian – I’m operating in to the exact same problem as Oscar (although we see at the most $300). In either case, it positively escalates the cost to pay for $5.95 for every single $500.00. I really do see you’ve updated your site post above using this given information aswell. Will there be some other path you now recommend?

May I order one or more card at a right time online? Let’s state 25 of these.

Hello Brian! As being heads up, you can find currently blended communications about whether or otherwise not AMEX GCs are accepted by Great Lakes. I’ve maybe not tried having an AMEX GC yet so when I past talked with A gl rep (today), I became informed these are typically nevertheless accepted. Numerous on Reddit say otherwise. For anybody else available to you with student education loans under Great Lakes, consider utilizing VGC for your churning.

Additionally, it appears the technique of utilizing A cc that is regular and it really is a prepaid CC not any longer works with Great Lakes. I believe they’ve made some noticeable improvement in their systems enabling them to confirm whether or perhaps not a card is just a prepaid CC.

We attempted employing a prepaid visa from simons Mall, and Navient declined it. Maybe Not sure if they’re simply attempting to drive me personally into standard and rack up costs, or if they do not simply take that kind of Debit Card anymore.

I just desire to make the necessary re repayment back at my student education loans, about $200 each month, if we obtain a $500 GOC present card and place it in my own account does GOC simply keep the remaining $300 for my needed repayment the following month? Or does it simply use the entire add up to my education loan?

Simon present cards are not excepted by Navient. Try not to get them.

I attempted right now to make use of an AMEX prepaid present card with MyGreatLakes, also it would not proceed through because the rep stated it absolutely was flagged as credit.

FedLoan Servicing doesn’t accept any charge cards.
Plastiq doesn’t accept Amex for FedLoan Servicing.
Toys R US not any longer sells present Cards.
Most readily useful purchase on the western shore doesn’t sell GOC present cards.

Present of university now charges 5% (capped at $15) for almost any present. It continues to have the $500 limitation, but spending $15 on $500 is really a 3% fee! =(

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