Using Student Loans to Pay Other Student Loans?

happymomof1
Sat, 08 Dec 2012 21:14:43 +0000

You paid cash for school that you could have used to pay down those old loans instead. Yes, you could borrow Federal loans and use them for your living expenses while using cash on hand to wipe out some of the old debt.

In other words, yes, you could follow your proposed plan. Just be sure that the conditions of the new loans are more favorable than the conditions of the old ones. And do your level best to not accumulate one cent of debt than is absolutely needed.