credit card for school?

[stressmom]

Would there ever be a situation where you would recommend either putting college tuition or books on a credit card and then paying it back that way?

[Sweetness]

I think that would be the worst scenario because of the extremely high interest rates that credit card companies charge on things purchased and especially if you use it for a cash advance. The interest rates then are charged from the day the cash advance is issued. It would be better to put a 2nd mortgage on your home or go to the bank for a bank loan if a scholarship or grant is out of the question. You certainly don't need to be paying back 3 to 4 times what you borrow.

[Rowena105]

You make very good points against using credit cards for tuition Sweetness. However, in the short run it would probably be okay to put some of the books on a credit card it you can pay it back in short order and not accumulate too much interest at 19% to 29% which most credit card companies charge.

[amyhop]

In a pinch I guess that would work, especially if you are in a situation where you can pay back in full each month. But the better solution would be to apply for federal student aid, where interest rates are low on loans and you may even qualify for grants that do not have to be repaid.

[Madeliene_M76]

I see credit cards as one of the primary keys to financial imprisonment; however this may help provide aids for student on their everyday living expenses. I also agree with Rowena that this can be useful to pay for books and other school resources. And I believe there is a lower interest student rates now that most credit cards are offering, from 17.24% down to 11.99%.

[girlfromipanema]

I think their is also a good reason for students and availing credit card for school,it protects their purchases, allow them to shop online esp. on books , and provide a cushion in case of emergencies.

[louiedon62]

I would say absolutely not because it is way cheaper to take out a student loan. Plus, you can postpone a student loan until you graduate. Credit will require you to pay it back regardless of you situation.

[Orrymain]

Absolutely not. Unless you have a zero interest rate, you'd end up paying a ridiculous amount of money.

[Mactise]

[quote]I would say absolutely not because it is way cheaper to take out a student loan. Plus, you can postpone a student loan until you graduate. Credit will require you to pay it back regardless of you situation.[/quote]