Anyone ever take out a school loan to consolidate CC debt?

[JayJay]

Hi all,

I'm currently in school and will be going from a community college to a Florida university in the next term. I can't wait.

Anyway, I have about 23k in credit card debt and I'm wondering if anyone has successfully consolidated the CC's using some kind of sallie mae loan or other student loan?

[ichb]

Bad Idea

My husband and I kept rolling credit card bills into our student loans, I wouldn't advise it. Because now we have almost 100K in student loans and those are non-dischargeable in bankruptcy. And many of the extra loans you would get for that purpose will continue to accrue interest while you are in school.

BTW I am not an attorney and my advice is just of a personal nature.

[One Half Full]

I agree. Don't put a dischargeable loan into an undischargeable loan. And I agree with the reasons ichb gave.

[HHM]

Basically a bad idea

[JayJay]

very cool. Thank you guys. You're great

[danaf]

oh gawd no - don't do that!

it would be a collasal mistake.

[JRScott]

As the others said do not do this.

[CATCHMEIFYOUCAN]

Im a master at consolidation loans (although I never had a student loan). But it just gets you deeper and deeper in debt. When I took out consolidation loans to pay off my creditors I never closed the creditors down (that was a big fault of my own). It just gave me more money to spend on top of the loan I just borrowed and so I ended up with twice the debt I started.

Donnnnn't Do It !

Catchmeifyoucan