Can i use a credit card to pay to go to college?

Question

i dont know enything about credit cards other than they can help you buy stuff but have to pay back later.

im going to college and im wondering if a credit card can help me pay off to go to school for the whole year.

if it can, lets say i get charged 8,500, can i pay little by little monthly or do i have to pay the whole d**n thing (8,500) when my credit card bill comes.

please be specific in answering. i will really apreciate it.

Answer 1

It depends on the college.  Some will let you while others won't.  Check with the school to see if this is an option.

However, be very careful doing this.  The interest rate on credit cards can get really really high.  What was a $8500 tuition bill could easily double once all the interest is added on.  Have you applied for financial assistance?  Use that to pay on your bill.  Even if it doesn't pay everything it'll certainly lessen the amount you have to put on the card.  Apply for aid by completing the application at http://www.fafsa.ed.gov.

Answer 2

That is not a good idea. Never use a credit card before you learn about how they work. There is a reason why people go bankrupt and it's because they get credit cards, buy things they think they can pay for, then get overwhelmed with the cost and drown in debt until the only way out is to declare bankruptcy.

If you even manage to get a credit card allowing you to charge so much (if you have no previous credit experience your amount will be LOW maybe even only allowing you to charge $1000/month).

And with credit cards you get sent a monthly bill with two choices: pay everything now and start a good credit score with no worry of interest or debt OR pay at least a minimum payment (with 8500 you're looking at about 250+ a month) while interest steadily increases, forcing you to pay more and more for longer periods of time. And if you don't pay the minimum balance guess what? The credit company will get angry with you. They might boost your interest up (something you do NOT want) and charge you a fee. Not a good thing, especially if you're a poor college student.

The best thing for you to do is take out a loan and have that pay for your college. Loan details vary but some don't start charging you interest until 6 months after graduation. That is a good thing. And since the loan isn't increasing you can just pay it off while in school to reduce your debt.

Answer 3

Not all schools will accept credit cards for tuition payments.  As other replies have mentioned, the interest rate on a credit card will be much higher than taking out a student loan.  And the student loans generally do not have to be paid back until 6 months after leaving school.  Your school should have a counselor to help you with financial aid questions.



But if you could pay the full amount when the bill comes in to avoid interest, then a "reward" credit card would be beneficial - the tuition dollars would go towards rewards such as airline miles, gas rebates,  or cash back.

Answer 4

Yes you can, depending on your credit cards limit, but it'll be significantly more expensive to pay for your college education that way, and is not encouraged.  A better plan to pay college tuition would be to file a federal free application for student aid (FAFSA), file an application with the tuition assistance program (TAP) of your state, and file a student loan for the remaining difference in tuition.  Most, if not all of this can easily be done online.

But, if you do in fact have the means to pay for the outstanding tuition without the above state resources, or are deemed ineligible for college tuition assistance, there are a variety of loan options available to you that will offer you money for the tuition amount needed at an interest rate less than what you would have to pay back on your credit card.

Answer 5

You can use a credit card and you will only have to make a minimum balace when the bill comes, however I URGE you NOT to do this!! Credit Cards have a high interest rate and you will be stuck paying a LOT in the long run. Go to www.fafsa.gov and fill out the information. Try to get student loans to cover your costs. They are at MUCH less interest rates and will save you a TON of money in the long run. Although you won't have to pay the entire $8500, you will be paying that off for years to come with a huge amount of interest tacked on. Try to get student loans at a lower interest rate.