Students within the regions of the great lakes received a significantly detrimental email/letter statement today emphasizing that there will no longer be an available option to pay off Student Loans with a credit card beginning January 1, 2017. Evidently, these changes are directly due to the new rule imposed by the US Department of Treasury for all federal student loan servicers. I guess all good things must come to an end at some point.
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Students Credit Cards In-Depth:
You still have some time to slay as much of your student loan as possible and below is our recommended student credit cards to help you pay off your loan balance.
- Discover IT Chrome for Students Card
- Discover it for Students Credit Card
- SelfScore MasterCard
- Citi ThankYou Preferred Card for College Students
- Journey Student Credit Card
- BankAmericard Cash Rewards Credit Card for Students
Recommended Credit Cards:
This section involve non-Student Credit Cards:
- Citi® Diamond Preferred® MasterCard
- Amex EveryDay® Credit Card
- Citi Simplicity® Card – No Late Fees Ever
- Citi® Double Cash Card – 18 month BT offer
- Chase Freedom UnlimitedSM
Alternative Credit Card Payments:
- Plastiq is a bill-payment service that allows you to even pay off your student loans with a credit card, however, there is a hefty interest attached.
- Purchase Gift of College gift cards with a credit card and you will be able to utilize those Gift Cards for your Student loans, again, there will be fees attached.
- Using a Credit card to purchase VISA/MC Gift Cards would work in paying off your Student Loans. Activation Fee still applies.
Conclusion:
Concerning news for Students with Student Loans and attached debt because of it. Great Lakes higher educations stated that the US Department of Treasury has taken steps towards making a new rule imposed on federal student loan servicers. As of January 1, 2017, Students will no longer be able to use a credit card as an optional form of payment towards their Student Loan Debts. Keep in mind that this change will only affect federal student loan providers such as Navient. It is recommended that you max out whatever payments you can prior to January 1st, 2017 (if you can afford it of course). Of course, there are other options to pay off your Student Loans such as using Plastiq’s Bill-Payment Services or purchasing Gift Cards. Also, be sure to check out our Best Student Credit Cards!
