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Added August 5, 2010 from: Mike Killian
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Answered By Mike Killian: If you have already refinanced a student loan and
placed it on a credit card, it is like refinancing any other credit card debt.
Unfortunately by transferring your debt to a credit card, you have surrendered
all benefit of the student loan such as deferment, forbearance, etc.
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Your only options are transferring the balance to another card, which will likely cost you a balance transfer fee and could offset any savings of interest you were hoping to achieve. If you are considering an equity loan, that would make matters worse by converting an unsecured student loan and credit card debt into a secured debt--never a good decision.
By far your best option is to reduce your existing debt as rapidly as possible by paying more than the minimum payment, or see if your creditor is willing to lower your interest rate.
This question is about:
Credit Card Debt Help
| Student Credit / Debt
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