 TITLE: Should I Use a Personal Loan to Pay for My Education? CONTENT: Can I Use a Personal Loan to Pay Off a Student Loan?\n----------------------------------------------------\nIt is possible to use personal loan funds to pay off student loan debt, but it's generally not a good idea, especially if you have federal loans.\nThat's because personal loan companies typically don't provide the same deferment and forbearance options as private student loan companies, and they definitely don't offer access to the same benefits the Department of Education gives federal loan borrowers.\nAlso, personal loans typically come with higher interest rates than private student loans. So if your credit situation is excellent and you have a solid income, you may benefit from refinancing your student loans instead of consolidating them with a personal loan.\nAlternatively, if you're struggling with monthly payments and have federal loans, consider an income-driven repayment plan, which can reduce your payment to 10% to 20% of your discretionary income. END