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 re payments with bank cards. It was a blow that is big those who were hoping to find techniques to effortlessly earn additional miles/points or satisfy minimal spends for bank card indication ups.

I would like to preface this by saying you ought to just use the recommendations in this guide in the event that you meet up with the after 2 conditions:

  1. You can easily spend from the stability in complete on a monthly basis.
    • 15%+ interest wipes out any benefits you get by having to pay with credit cards
  2. The benefits you make outweigh the charge you pay.
    • Minimal spends for subscribe bonuses is a reason that is good
    • Some really good ongoing choices consist of: Citi DoubleCash and Chase Freedom Unlimited

Present of university Present Cards (1.1% charge)

Very first thing to check is when your loan servicer is supported by the present cards.

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

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

You should buy present of university gift cards online from:

The limitations for online present cards have already been fallen to $200 making the option that is online. Should you opt to get this path, the cost is $5.95 for almost any value above $100, so you could because well perform some max of $200. You can’t choose the modern day for the “Date to Send”, so that you will need to wait every single day to get the present card.

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

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

Then you can certainly get back to the present of university web site to redeem. Click “My Profile”. In the event that you failed to take action currently, create your loan account by pressing “Add an agenda” and filling out the required information. Numerous loans are going to be detailed hand and hand, most likely using the name that is same the red areas into the screenshot below. Click the plan you would like after which “Redeem Gift Card”

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

The length of time does it simply just just take to achieve account?

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

I enjoy this technique as you can perform it in your underpants. No making the homely home plus the cost is low. Be sure to enable time that is enough you will be counting on this for the payment per month.

Prepaid Present Cards (Adjustable charge)

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

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

Personally would not test this technique, however it should work.

The length of time does it simply just take to attain account?

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

Plastiq (2-2.5% charge)

You’ll spend many different types of bills with bank cards.

The length of time does it simply just just take to attain account?


My recommendation that is personal is the present of university path when you have use of the $500 value real cards. We additionally used Plastiq for many re re payments once I didn’t discover 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 trusted and place that is convenient purchase them. For me personally, present of College ended up being far more convenient.

12 ideas

1. Is it possible to please explain firstly 2 conditions into the preface?
2. GOC costs 5.95 for $500, Prepaid giftcards 3.95 nevertheless why GOC?

1. I’m saying don’t waste time and cash spending student education loans 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 could do the whole procedure for present of university without making your property in your underpants. Prepaid gift cards calls for one or more end and perchance two stops when you have to transform into cash order. While some don’t go on it under consideration, some time fuel is well worth one thing to me personally.

Hi Brian, thank you for the great information and guide. I’ve simply registered for GOC and simply pointed out that the largest amount the internet purchase choice is presently $200, having a charge of $5.95. Maybe you have noticed this maximum that is new regarding the real cards purchased from retail areas? I’ve find out about a trend that is similar the debit gift cards aswell. Would you all this impact your strategy?

Many thanks once again!

Brian – I’m operating in to the exact same problem as Oscar (although we see no more than $300). In either case, it absolutely escalates the price to cover $5.95 for every single $500.00. I really do see you’ve updated your website post above using this information aswell. Can there be every other path which you now recommend?

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

Hello Brian! Like heads up, you can find currently blended communications about whether or otherwise not AMEX GCs are accepted by Great Lakes. I’ve perhaps maybe not tried having an AMEX GC yet as soon as I last talked by having A gl rep (today), I became informed these are generally nevertheless accepted. Numerous on Reddit state otherwise. For anybody else on the market with student education loans under Great Lakes, consider utilizing VGC for the churning.

Additionally, this indicates the strategy of using A cc that is regular and it’s a prepaid CC not any longer works closely with Great Lakes. I believe they’ve made some noticeable improvement in their systems enabling them to confirm whether or not a card is just a prepaid CC.

I attempted making use of a prepaid visa from simons Mall, and Navient declined it. Perhaps maybe not certain into default and rack up fees, or if they decided not to take that type of Debit Card anymore if they’re just trying to drive me.

I just wish to result in the needed repayment back at my student education loans, about $200 each month, in my account does GOC just hold the remaining $300 for my required payment next month if i buy a $500 GOC gift card and put it? Or does it simply apply the amount that is whole my education loan?

Simon gift cards aren’t excepted by Navient. Never get them.

I attempted right now to make use of an AMEX prepaid present card with MyGreatLakes, and it would not proceed through considering that the rep stated it had been flagged as credit.

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

Present of university now charges 5% (capped at $15) for each and every present. It nevertheless has the $500 limitation, but having to pay $15 on $500 is a 3% cost! =(

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