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i don't have immediate family or anyone close to me who's done this, but i guess you could. i'd just be careful about using a debt to pay off another debt. but if the personal debt is much greater with higher interest, go for it. $20k isn't much so you would be able to pay it off quickly. i would recommend talking to your campus counsellor first though to look at any other options since loans can snowball quickly, especially if any of your loans are private.
Using student loans to pay off debt??
Disclosure: I really don’t care to hear about how this is illegal because no one who gets a stipend turns around and throws it back at FAFSA 🤷🏻♀️
My husband and I have about 20k in debt. Well because of his military discount at my school, I’m getting about $5,000 in stipends back every 3 months. Even though I could walk out of my doctorates debt free, we are choosing to use every bit of the stipends towards our personal debt and setting ourselves up to ONLY have student loan debt. Essentially using it as debt consolidation. Has anyone done anything similar?
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i know lots of people that do that in hopes of getting their student loans forgiven at some point
Ma
Be careful with this part. I have friends who have done that too...but also have many friends who can’t get approved for forgiveness. Depending on what program you use, it can be near impossible. The public service loan forgiveness is terrible and also on the chopping block.
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