 TITLE: Can You Pay Student Loans With a Credit Card? CONTENT: Other Ways to Get Help With Student Loan Payments\n-------------------------------------------------\nIf you're considering using credit cards due to a cash shortfall, there are many other ways to avoid falling behind on student loan payments. Try these alternatives:\n*   **Income-driven repayment**: This is the best option available to federal student loan borrowers who are concerned about affording their loans long term. Income-driven repayment plans limit student loan bills to 10% to 20% of your discretionary income (what you have left after taxes and buying necessities), and you'll also be forgiven any balance that remains after 20 or 25 years. Private loans generally don't offer income-driven repayment. But you can ask your lender about opportunities to reduce your interest rate or pay interest only for a period of time.\n*   **Deferment or forbearance**: Both federal and private student loans come with options for pausing payments temporarily. If your financial hardship will last a short time—while you're between jobs, say—you can apply for deferment or forbearance and get a break from student loan bills.  \n    For federal loans, the option you'll qualify for depends on your circumstances. If you have subsidized or Perkins loans, the government will cover the interest that accrues during deferment. Only forbearance is available to private loan borrowers; lenders often grant it in shorter increments than the federal government does, and interest will always accrue.\n*   **Refinancing**: If you have good or excellent credit, you may qualify to refinance your student loans to a lower interest rate. Your monthly payment likely won't shrink substantially unless you extend your repayment term, but that can cut into interest savings.  \n    For many borrowers, that keeps refinancing from being a money-saving move month to month. But over time, with a lower rate, you could save significantly on student loan interest. Keep in mind that refinancing turns federal loans into private loans, meaning you'll lose access to income-driven repayment and generous deferment and forbearance options.\n*   **Consolidation**: Federal student loan consolidation is similar to refinancing in that it replaces multiple loans with a single new loan. But it won't give you a lower interest rate. Instead, it can lead to an extended repayment term, giving you a smaller monthly payment, and it lets you maintain access to federal loan benefits.  \n    If you're seeking a lower payment for your federal loans, income-driven repayment is typically a better option so you're also eligible for forgiveness. In fact, you must consolidate certain types of federal loans in order to make them eligible for income-driven repayment. END