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rated:
Hi,

I'm 25 years old, with a take home pay of $4200 a month.

I'm deciding weather or not if I should balance transfer my student loans.

My outstanding debt:

$3,000 at 5%
$6,700 at 4.4%
$2000 at 4.25%

Chase Slate has 0% APR for 15 months and 0% balance transfer fee
Discover IT has 0% APR for 21 months and 3% balance transfer fee.

Is it worth me to balance transfer at least a portion perhaps $3000 or whatever much I get approved for?

and if so would the chase slate card be better?

I will most likely just cancel the card after I pay it off, since it has no other benefit.
 

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rated:
What are you paying per month on your debt? How long will it take to pay it off?
How long will it take to pay off the debt you put on the new card? What happens to the interest rate once the promo rate expires?

rated:
I did this for my wife's student loans in the past, but only to the extent that I could repay the amount in one year.

One thing to note is that if you don't comingle the student loan debt with other debt on the CC, you can deduct the BT fee and/or any interest paid as student loan interest.

rated:
Depending on where your loans are you might be able to pay them off with a "purchase". I paid off my student loans last year and used several bonus offers to do it, (CSR, Southwest mostly). There are plenty of 0% APR intro cards for purchases too.

rated:
griffeycom said:   Depending on where your loans are you might be able to pay them off with a "purchase". I paid off my student loans last year and used several bonus offers to do it, (CSR, Southwest mostly). There are plenty of 0% APR intro cards for purchases too.
  
Wow, as purchases, nice! Just depended on which institution held the loans?

rated:
Figure out what you comfortably can pay above your normally monthly payments for the next 15 months. Balance that amount and pay it up front then make sure you pay back the BT in full before the promotion expires. Enjoy your interest savings.

rated:
griffeycom said:   Depending on where your loans are you might be able to pay them off with a "purchase". I paid off my student loans last year and used several bonus offers to do it, (CSR, Southwest mostly). There are plenty of 0% APR intro cards for purchases too.
  
Most servicers have stopped accepting debit cards as a payment method.

rated:
Thisiswhaticanafford said:   
griffeycom said:   Depending on where your loans are you might be able to pay them off with a "purchase". I paid off my student loans last year and used several bonus offers to do it, (CSR, Southwest mostly). There are plenty of 0% APR intro cards for purchases too.
  
Wow, as purchases, nice! Just depended on which institution held the loans?

  

Yep. All of mine were at the same place and I would just call and tell them I wanted to make a payment by credit card.  No extra fee.  They didn't advertise it but I think I learned on here or reddit that they accepted CC payments. 

rated:
You are currently paying $384/yr or 3.3% in student loan interest after taxes. That's not that much. The last credit card I applied for had a signup bonus worth at least $500 and as much as $1000 if used toward certain airfare. Signing up for a credit card to save less than $500 in interest over 15 months (assuming you transfer the whole $11,700) isn't a great deal. I would pass. Signing up for a credit card and transferring only the $3,000 would save you only about $160. That's a super weak deal.

You should be able to pay these loans off pretty quickly through savings if your ultimate goal is to get rid of the interest, but $384 really isn't much. Consider yourself fortunate to only have $11,700 worth in student loans.

rated:
I would transfer the entire amount if you can for 0 fee/0% interest. With that income, you should be able to pay off in the 15 months. If you can't pay off in the 15 months, then rinse and repeat with another offer at that time.

rated:
sofi has some $300 offers to refi student loans with them and rate might drop a bit

rated:
As mentioned about, you will loose the tax deduction (based upon your take home $$) if you transfer. While technically it would be financially optimal to transfer all to 0% cards, you have to look at the risk/reward. Loose tax deduction. Credit hit, stress of not paying it off and having it bump WAY up in rate vs then having to BT for 2-3% 15 mo down the road? Run the calculations and except for the Slate (since 0% BT), you aren't going to save THAT much money. 

That being said, I'd probably move the $3K to Slate. Pay just enough to pay it off in the 15mo, with the rest of your normal $$ going to the other 2 (assuming it covers the minimums). That will save you ~$150 which is something

rated:
Freakazoid said:   As mentioned about, you will loose the tax deduction (based upon your take home $$) if you transfer. While technically it would be financially optimal to transfer all to 0% cards, you have to look at the risk/reward. Loose tax deduction. Credit hit, stress of not paying it off and having it bump WAY up in rate vs then having to BT for 2-3% 15 mo down the road? Run the calculations and except for the Slate (since 0% BT), you aren't going to save THAT much money. 

That being said, I'd probably move the $3K to Slate. Pay just enough to pay it off in the 15mo, with the rest of your normal $$ going to the other 2 (assuming it covers the minimums). That will save you ~$150 which is something

  You only lose the tax deduction if you comingle student loan debt with other debt.

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