Possible to Balance Transfer Student Loan?

silverbullit

My apologies if this question has been aired before...

I have an outstanding student loan of £3000. Are there any credit cards offering a 0% on a balance transfer that would allow me to transfer the loan on to the card?

Any comments would be much appreciated.

Thanks.

PBA

You'd need one of the cards which allow balance transfer into your bank account (SBT), such as Abbey/MBNA or Egg. Transfer the money into your current account and then use it to pay off your loan.

There are however numerous reasons why this is a foolish thing to do:

1) Student loan isn't visible on your credit file, so it wouldn't be taken into account by other lenders when you apply for credit;
2) Student loan only has to be repaid when you're earning more than a certain amount;
3) Interest rate on student loan is very low anyway, once you take the balance transfer fee into account the amount you save will be minimal, and you'll lose out if you can't get another balance transfer deal when the first one runs out.

silverbullit

Thanks for your helpful comments, PBA.

Idiophreak

On the other hand, though, it might give you a deadline (ie when the 0% runs out) by which you'll need to clear it...then after that, you'd be free from the evil repayments for the rest of your life