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Many times the money for a student loan is transfered directly from the lender to the University. Therefore you would be unable to do this. If your parents have high interest credit cards, the best thing to do would be to refinance your home or get a home equity loan. These are available to many people even if they have bad credit, they just have to have equity in the home. Another option would be for them to goto a credit consoling agency. They may be able to help them pay off their credit cards or get the rate reduced or payments combined.

Henry

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Q: Can student loan money be used to pay off your parents' high interest not-education-associated credit card debts?
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Related questions

Where can you a student card?

credit or parents sign contract


Where can a student get a student loan that has no credit bad credit and parents don't qualify as cosigner and gotten all federal loans I gualify for?

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Does CapitalOne offer student credit cards?

Yes, CapitalOne does indeed offer student credit cards. They offer very low interest rates.


What are the average interest rates for student loans?

Most student loans are interest free when you are still attending college, then increase from there. It really depends on your credit score to what interest rates you qualify for.


Will I have to pay higher interest rates on student loans if I have bad credit?

Anyone with bad credit will pay higher interest rates on a loan, not just a student loan. The lender charges a higher interest rate which enables the facility to receive more interest quicker in case of default.


How much interest rate does Wells Fargo have to charge you for a student credit card?

For a Wells Fargo student Credit Card, you can usually expect an interest rate about 14.1% to 14.5% APR. This is one of the lowest credit card interest rates they offer. Keep in mind that interest rates are always subject to change. Check out the wells Fargo website for the latest interest rate information.


What is the interest like on student loans for people with bad credit?

There are a number of government loans that are offered with no credit checks. In order to be eligible for these loans, you must fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA is designed to determine your estimated family contribution. If you are a dependent, you will have to submit financial information for your parents as well as yourself. If you are independent of your parents, the form will only apply to you.


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Are the interest rates the same for student credit cards as they are for standard credit cards?

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How to get a decent student loan with bad credit but has a cosigner to help?

Government student loans. Some companies also offer contracts to those with bad credit, but the interest is much much higher.


What is the best interest rate for student loans?

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