Would it be smart to transfer 6500.00 student loans over to?

a credit card that offers 2.9% interest for life on balance transfers with 3% fee? the student loan interest rate is 9.95 . thanks

Would it be smart to transfer 6500.00 student loans over to?

It would not be smart because no credit card will give you a 2.9% interest rate. There is a catch and if you transfer that money you%26#039;ll find out that there is a catch too late. One it%26#039;s on that card you can%26#039;t put it back into the %26quot;student loan.%26quot;

Your best bet is to probably just keep it where it currently is.

Hope that helps

http://www.financialgym.org

Would it be smart to transfer 6500.00 student loans over to?

loan

Probably not. As soon as the real Credit card intrest kicks in, it will kill ya. And constantly switching debt to different credit cards will hurt your credit rating.

Check with your bank or credit union about getting a debt consolidation loan. If you could get a lower interest rate it would help.|||This all depends.

1 - are you out of college? If not then you will have to start making payment on the card immediately while the student loan allows you to wait until 6 months after graduation to make payments.

2 - If you are out of school, do you need potential tax deduction on the amount of interest paid on the student loan? The credit card does not offer this option

3 - 3% of 6500 is $135 charge

4 - Credit Card minimum payment means it will take 20-30 years to pay off the debt. If you go this route, make extra payments to insure you pay off the debt in 5-8 years (or faster).

5 - Student Loans are usually set to be paid off over the course of 5 - 10 years. If you go back to school during payment you can defer until you are out of school again. So if you plan on going back to school keep the student loan.|||No. If your student loan is 9.95% it is too high. Get it consolidated to a lower rate. But don%26#039;t put it on your credit card. Credit card balances and student loans effect your credit score differently. A student loans are generally have the lowest rates of any type of loan, sometimes the interest is tax deductible.|||That really depends on your specific situation. Are these Student Loans Federal Student Loans or Private Student Loans?

If these are Federal Student Loans than I would advise against transferring the balance to a Credit Card; if you were to do this than you would lose all of your Federal Benefits that come with your Federal Student Loans. You would also lose your tax deduction privileges for your interest paid on your Student Loans if you transfer them over to a Credit Card. For more information on your Federal Student Loan benefits please visit the source below.