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
credit or parents sign contract
== ==
Yes, CapitalOne does indeed offer student credit cards. They offer very low interest rates.
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.
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.
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.
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.
Many banks offer student credit cards. The interest rates and fees of the credit cards generally vary based on the student's credit score. Discover It offers a reasonable credit card for students. Additionally, State Farm also has a reasonable credit card for students.
Discover and Citi both offer credit cards for students. They both also come with 0% interest as well as no annual fee.
Student credit cards may eventually have the same rates as regular cards, but they often start with a 0% interest rate to get students started. They are designed to get students using credit cards for the first time in their life, so they offer excellent beginner rates.
Government student loans. Some companies also offer contracts to those with bad credit, but the interest is much much higher.
The best interest rate for student loans are LIBOR + 2.0% or PRIME - 0.50%, with no fees. These loans will usually only be available to those with a great credit rating.