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by AB-Bernice on June 25th, 2007

AB-Bernice

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How do I eliminate student loan debt?

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  • by SarahK on September 20th, 2007

    SarahK

    The word "eliminate" would suggest that it be paid to zero. My suggestion depends on specifics of the situation, but in general:

    IF YOU HAVE GOOD CREDIT: Do a balance transfer for your student loan to put it onto a card. You can either take the 0% teaser rate and transfer to another 0% card OR you can transfer to a card with a fixed APR for balance transfers.

    You can consolidate ONCE to another rate, but the rate you get depends on your FICO score. I would honestly go the other route because the credit card debt would then be unsecured. (The government can garnish your wages and you cannot discharge even PRIVATE student loans in bankruptcy.)

    You can also pay off the student loan if you qualify for a HELOC (home equity line of credit), but this then puts your house on the line.

    Comments

    • I don't think moving an unsecured debt to a secured debt is very wise. I'm not sure what good it would do to move the debt to a credit card with a teaser rate...unless you can pay it off before the teaser rate end...unless you plan on filing bankruptcy and including this/these credit card(s)

      BROADWAYTHECAT

      by BROADWAYTHECAT on December 23rd, 2008

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