Should I borrow excess student loan to pay high interest credit card debt now?

I am a graduate student and I am 33 years old. The only information I can locate is geared towards young students. I have a crippling amount of credit card debt but I am currently enrolled in a graduate program and I am eligible for enough excess student loan money to pay off the credit card debt. I realize this is simply "moving debt" but student loans are far more forgiving, can be delayed until after I graduate, and carry only a fraction of the interest rate. Why would I not borrow the maximum allowable amount on a student loan, and apply it towards high interest credit card debts now? Anyone have any ideas? Much appreciated!

Should I borrow excess student loan to pay high interest credit card debt now?
Any time you can trade high interest debt for lower interest debt it is usually a good move. Of course, the best situation is to have no debt at all and only use the cards as a convenience (i.e. pay them in full each month to avoid the crushing interest charges).





If you move your debt to student loans be sure to avoid the temptation to once again max out your cards because you will then be left with both student loans as well as high interest credit cards to pay off.
Reply:Do it. I have a Master's degree. Worth the effort. With credit card debt you won't make it. Shake off the cards though. Cut them up %26amp; get help. See www.daveramsey.com





If you do this and keep the credit cards- you will end up the fool.
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Reply:You wrote


"student loans are far more forgiving"





Not sure what you mean, but you can declare bankruptcy and get out of cc debt; not so with the student loan if it has any federal ties.





It is usually not a good idea to convert short term debt into long term and (as has been already stated in this thread), you can not borrow your way out of debt. Good Luck
Reply:Don't get in any deeper than you already are! Things that seem too good to be true usually are!
Reply:I definately recommend http://www.consolidation-fixed-loan-rate... They have a lot of good resources.
Reply:No, NO, NO!!





When will people learn: YOU CAN'T BORROW YOUR WAY OUT OF DEBT!!!





Bite the bullet and quit buying stuff you don't need, live on less than you make and pay what you owe.





Our grandparents would be ashamed of our choices today.
Reply:Yes you should that interest will quickly add up. Did you ever ask your financial institution if they have a low interest credit card? Of course they will never tell you but if they do tell them you want to switch over. Consolidate...you won't believe how much interest you save.

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