Merge CC debt into Student Loan

[cubswin]

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Is it possible when applying for my student loans for oms1 to also have the loan company add my credit card debt into the loan?

Say I need a loan for X amount for year 1, and have Y amount of credit card debt. Would the company ever give me a loan for a total of X+Y? Of course the Y amount will go straight to my credit card. Seems like it would be a benefit to the loan provider for taking over the extra amount and gaining more interest in the long run.

 

[TMP-SMX]

No. You can take out up to the cost of attendance only way to use extra money is to reduce your use elsewhere. It's in your best interest to get rid of those credit cards and to evaluate your budget to see how it got bad. I use personal capital which is an app to follow budgets and expenses (and retirement funds when you get to that point).

Easiest would be if you have family that can help you pay those off I can tell you from experience that those will cause you significant pain until you start making money. You can't increase your loan beyond the calculated cost of attendance for paying off other debt.

Your bet that the lender wants to take on more debt puts a lot of faith in you as someone that will complete your studies and not default on the loan. If something catastrophic happens to you preventing you from work and you aren't insured those credit card bills can be removed in bankruptcy but not so for those student loans unless you are permanently disabled or dead.

 

[Raryn]

Is it possible when applying for my student loans for oms1 to also have the loan company add my credit card debt into the loan?

Say I need a loan for X amount for year 1, and have Y amount of credit card debt. Would the company ever give me a loan for a total of X+Y? Of course the Y amount will go straight to my credit card. Seems like it would be a benefit to the loan provider for taking over the extra amount and gaining more interest in the long run.

Take out the maximum for cost of attendance. Live on less than the maximum (not super hard most of the time - the COA budgets are fairly generous, just live with a roommate). Take the difference and apply it to your credit card debt.