Living on a Budget, Saving Money/private school loan

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Question
I have 4 private school loans through Sallie Mae. Interest rate is very high but due to my low salary at work Ive only been able to pay interest so far and Im currently in the "interest only" payment plan. I may be able to start making a dent in my loan soon but was wondering if it was a good idea to pay one loan with a no interest credit card? One of the four loans is for $6200 and has interest rate of 9.25%. The other 3 loans have interest rate of 6%. Would it make sense to put that one on my no interest credit card (would have no APR for 14 months) and start paying off my loans piece by piece that way? Thank you!

Answer
that no interest loan will be a nightmare as its short term.. I would suggest you look into the presidents loan modification programs... so that you could get into a program that would have your loans reduced or be set for 10 years of payments and the balance forgiven as long as you have made all payments.... be happy there is a democrat in office as they actually give a crap about the common man..

google ...gov modification of student debt and look at the forth and fifth selection...especially the whitehouse.gov one...also call the student loan banks and ask for what kind of hardship program they have..


good luck and stay current as it will help  

Living on a Budget, Saving Money

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tbaarr

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I prefer to answer only public questions so all can benefit . there is a donation button.but its not necessary for you to donate to ask me a question. if you want to donate. it will go to my daughters education fund and I thank you. Questions related to credit card management and use of credit to achieve your financial goals I have found on google that my screename has been linked to some garbage financial sites, that I have nothing to do with Please ask me to verify this if you are not sure and let me know who is making any claims so i can sue their asses off this is my website or my blog http://www.geocities.com/tbaarr/night_vision.html http://www.tbaarr.blogspot.com/

Experience

i own over 10 credit cards

8 of these have credit limits over 10k and i use 2 of them to invest with

i have the balance as a fixed life of the loan balance transfer

and make 10 points profit on the money

Organizations
none

I retired doing this in 1996

and wish to pass on my experience. BE aware I got married in 1998 and started Driving Rig in 2004 so that I could get affordable quality Heath insurance for my family as I now have 2 beautiful daughters 4 and 8 as of aug 2007, so I may take longer to answer som questions. i cover such subjects as, my approach to credit, how to establish and maintain multiple accounts, how i get single digit life of the loan balance transfers, how i use their money for 45 days interest free, how i use credit cards to invest for 30% a year profit, and how i maintain a 650+ credit rating while holding 5 or more accounts. I challege anyone have me compare any answer, that suze orman gives on her tv show, to what i would suggest as i find her answers just plain incompetant, especially when she states that borrowing money from an ira causes you to pay double taxation. Thats just plain wrong

Education/Credentials
outsourced electrical engineer with a calculus background

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