Can this be done? I'm 25, I have about $16,000 in cc debt. The debt is on a card with an APR of 29.99% I'm currently going to school part-time and would love to go full-time, but because of this debt that is hanging over my head, I have to work full-time.

It seems as though I am going at a snails pace, and I am never going to finish school...

But, I have stopped using my cc and everything I buy now is with straight cash. And I can pay $628 a month (sometimes $700) toward paying down my cc.

Can someone give me some advice, please?

You need to do some studying on financial aid. You are limited as to how much aid you get based on your income and cost of attendance. Federally guaranteed funds are also limited depending on your grade level. There are always private loans but they can run at higher interest rates, although lower than your credit card interest. Private loans are also credit based.

You're allowed to take out student loans to cover living expenses (which you are presumably paying now with cash) in addition to tuition/books/etc. Claim the maximum your school will allow you for in living expenses. Instead of cash going to living expenses then the cash goes to the credit card company and the loan goes to living expenses. Its sort of a round-about way to accomplish a balance transfer from the 30% CC to the 8% student loan.

I would continue working the maximum possible amount you can to accelerate the date you will be out of credit card debt. After you're out of CC debt you can afford to take less hours and increase the amount you are spending in class instead. $16,000 of CC debt will crush you like a bug. If you're going into a renumerative profession $16,000 of student loans is just a temporary speedbump on your way to financial success (I socked away $10k a year on mine).

You can also look at uncertified private loans. Those loans usually aren't based off of COA- aid formula. It's a pure credit decision. I've pitched quite a few people into taking the loan that my company offers b/c of similar circumstance. You'll probably want a company that sends the money directly to you, and not to the school. I'd probably recommend a cosigner to help you get the loan

OP, i'm in the same boat as you, I suggest using MyRichUncle since they factor in your GPA, class rank and like your major into in the credit approval proccess. I have a lot of CC debt and the only way out of it was getting a part time job and dropping to part time in clases which I can't do b/c i'll loose finaid.

I got approved and waiting for the check to arrive and I cant wait to say goodbye to that debt temporarily (until I graduate haha)

Good luck with everything, I hope you get out of your CC debt so you can continue studying plus going full time in school

I am trying to do the same thing. I want to consolidate my cc's so that I do not have to claim bk. Can anyone suggest a good place to apply for a student loan with deferment preferably.

You will want to start with your schools website.

The bulk of what everyone is saying, and what seems to be the message is that in order to accomplish such a feat, you're going to have to have 700+ credit. You're essentially wanting a completely collateralless signature loan of sorts and hoping school expenses will help foot the necessity. whilst this is absolutely possible in some cases, the justifying, that is, an impeccable credit score would still be a must. if your score doesnt roll dice in favor of a monster loan, consider talking with the CC company instead. Who is the lender, how many times have you been late in the past? Is this seriously $16,000 on a single card? Do you have other open cards? First and foremost - the interest rate is nearly absorbing every single dime you invest into paying the debt. I'm sure the minimum payments are impressive to begin with. By contacting the lender, and specifically speaking with the collections department - you will more than likely be able to setup a payment plan that involves a hell of a lot less interest, no penalty fees, and will even do you the favor of disabling the account (without reporting it closed). Known lenders are MBNA/BOA, Citi, Capital one, and any Citi store-card. I know it sucks - and it sure is no fun - but as hurtful and hateful as it sounds - you've brought this debt on yourself and payment is the only real way to get out from under it. If you were to somehow get approved for a collateralless loan for 16,000$ @ 9 or so percent (pretty average in my experience, if not low) - your payments for 60 months would be over 300 dollars and that still wouldn't involve a seconds worth of deferment. In my experience with student loans, I've seen that most private lenders require ongoing payment (citi) or accumulate interest while in deferment (astrive).

Another avenue I'd consider would be to check my scores and reports - and if I felt confident with my reporting - consider opening an alternate line of credit. No matter how you look at it - lower/less interest means less money lost. And at 29.99%, you've practically got nothing to lose.

I just wanted to add I got Sallie Mae Private loans 2 of them because my school failed to ever turn in my financial aid (LONG STORY) quit that school but I got them with a 600 or lower because of super high utilization......

Check them out- they are really cool- I got instant approvals on both. (<2000 total)

I would suggest not doing this. I did it and it was a huge mistake and I wish I could turn back time and re do it. If you can afford to pay that much a month to pay down the debt I would suggest getting a private loan if you can that has a time line of 5-6 years and pay it off that way.