Sallie Mae Now Lets You Pay Student Loans with Credit Card

Sallie Mae Now Lets You Pay Student Loans with Credit Card

Every time you need to pay for something, a credit card should be your first choice. You can earn miles and points and maybe even work toward a signup bonus. Loans usually are an exception as credit cards are not a payment option.

But now some people are able to do this with student loans. Sallie Mae has this option via their app, and to make things even better, there apparently no fee as per McTomCat on reddit. All major credit card issuer show as an option for payments.

But make sure that you are able to pay off your credit card before the bill is due. Your card likely has a much higher interest rate than your student loan, so you will end up paying more in the long run if you are getting charged interest.

If you are having trouble paying student loans, you should be aware that U.S. Secretary of Education Betsy DeVos has directed all federal student loan servicers to grant an administrative forbearance to any borrower with a federally held loan who requests one. The forbearance will be in effect for a period of at least 60 days, beginning on March 13, 2020. To request this forbearance, borrowers should contact their loan servicer online or by phone. The Secretary has also authorized an automatic suspension of payments for any borrower more than 31 days delinquent as of March 13, 2020, or who becomes more than 31 days delinquent.

HT: Doctor of Credit

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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