Student Loans

Can You Pay Student Loans With A Credit Card – How to pay off student loans 4-5X faster!

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Can You Pay Student Loans With A Credit Card – 5 Tips

SUMMARY:

This is a requested video of the banking strategy I shared in my “How to pay off a 30 year home mortgage in 5-7 years” video, but rather than focusing on mortgages this video is all about student loans. The purpose of this video is to provide insight into the step by step process of implementing this strategy as well as understanding the terms associated with a student loan. Follow along with me in this video to learn how quickly you can pay off your student loan debt and to find out how much money you can save in interest using this strategy!

RECAP OF THE VIDEO:

I start off by explaining the significance of cash flow and how you can identify and maximize your cash flow by using a budget. I go on to identify the terms of a student loan and clarify the outcomes of a deferment. Then I introduce the strategy by explaining how a line of credit can act as a tool which will chip away at the student loan principal balance in large massive chunks. Once the line of credit is in place which can be either a credit card or a personal line of credit, this new tool becomes the main banking tool acting as both a checking and savings account in one. The implementation of the strategy begins by taking 3/4th of the limit of the line of credit to use as principal paydown on the student loan. Reason 1 for using only 3/4th of the line of credit limit is to avoid getting the account frozen and reason 2 is to leave extra room with access to money incase of an emergency.

Once net monthly income and monthly living expenses are identified, the next step is to see how long it will take to pay off the new balance that is on the personal line of credit. With my example, I go on to show that it will take 10 months to pay off a balance of $15K and using an amortization calculator you can put in your numbers to figure out how many times the chunking method would have to be repeated until the student loan is completely paid off.

VIDEOS IN THIS SERIES:
How to create a budget: https://youtu.be/Luu3ETRDleE
How to pay off a 30 year home mortgage in 5-7 years: https://youtu.be/4GonTct2WMk
Understanding how to calculate credit card/ (PLOC) interest: https://youtu.be/J9978byclgk

AMORTIZATION CALCULATOR APP (KARL’S MORTGAGE CALCULATOR):
https://itunes.apple.com/us/app/karls-mortgage-calculator/id1025852681?mt=8

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► Real Estate Investing/Financial Literacy Course – Please email me at Laura@epcinvestments.com for more information.

★☆★ CONNECT WITH ME ON SOCIAL MEDIA ★☆★

FACEBOOK: https://www.facebook.com/Laura-Pitko-1464576883611081/
INSTAGRAM: https://www.instagram.com/laura_pitko/

DISCLAIMER: I (Laura Pitkute) am not a financial advisor, real estate broker, a licensed mortgage broker, not a certified financial planner, not a licensed attorney, and not a certified public accountant, therefore please consult with a competent professional prior to engaging in any financial strategies. Not everyone will experience 100% success rate by using this strategy as it requires a commitment to keep applying this strategy over time until the desired result is achieved. I (Laura Pitkute) do not promise or guarantee any specific outcomes and/or results from the use of this strategy.

Thanks for watching the Can You Pay Student Loans With A Credit Card video!

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46 Comments
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46 Comments

  1. denny oviedo
    July 24, 2021 at 9:18 am

    Wonderful nice 👍 so beautiful 🤩.

  2. Tom Richter
    July 24, 2021 at 9:18 am

    Hi Laura and everyone here,

    Great stuff btw, I’ve watched most of your principal interest videos but still have a question 🙋‍♂️

    What happens if you have multiple mortgages? Do you take a small chunk out of all of them or do you take bigger chunks out one mortgage at a time?

  3. Rachelle
    July 24, 2021 at 9:18 am

    Thanks Laura! This was very insightful. Can you also make a video on what will be the best and fastest way to pay off both loans strategy if you have a home mortgage loan and a student loan, please?

  4. Justine Tarot
    July 24, 2021 at 9:18 am

    I love this idea, I prayed for financial education and you showed up in my feed 🙏💖

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  10. Zkent A
    July 24, 2021 at 9:18 am

    What if your not qualify for that kind of credit limit?

  11. UNSTOPPABLE-AR
    July 24, 2021 at 9:18 am

    Thank you 😊

  12. Mary Preston
    July 24, 2021 at 9:18 am

    i cant pay my student loans with my credit card

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  15. Geoffrey Phillips
    July 24, 2021 at 9:18 am

    Hi Laura, Thanks for the great videos. Please can you make a video on how to pay off a $90k car loan.

  16. Espen Haug
    July 24, 2021 at 9:18 am

    Dang! $80.000!?! Im happy i live in Norway. I had only around $2500 student loan (17 years ago). And NO, i did not work after school. We get a small but BARELY sufficient funding by the state over here, and so we dont need to take high loans. I remember one person still took around $10.000 loan for just 1 year, but i believe the average was around $3500…

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    July 24, 2021 at 9:18 am

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  31. Anthony
    July 24, 2021 at 9:18 am

    You have not added interest on the LOC. You say 8%, bit you are not applying the interest charge to the account. When you consider the interest at 8%, you are not reducing the LOC by $1500 per month, therefor you do not pay off the student loan cheaper. Why not use the app you mention. Enter 15k debt in at 8% for 10 months. You will then see that $1500 per month will not repay the 15k debt in 10 months, so you will not be able to transfer $15k to the other debt as you claim.

  32. Sumeet K
    July 24, 2021 at 9:18 am

    Hey Laura , Just Wondering if i could use PLOC instead of HLOC for Mortagage ? Will it work the same ? I cant have HELOC because i dont have equity in my home.

  33. Debra Urias
    July 24, 2021 at 9:18 am

    Federal student loans are simple interest rate loans as are most private education loans. Just pay more on the student loan and it will be automatically applied to principal.

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    Wow this is great! Can I go through a credit union for PLOC?

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