Using Gift of College to Pay your Student Loans (with Credit Card)

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This video is about using Gift of College to pay your student loans with a credit card is a strategic way to earn rewards while making loan payments. Since most loan servicers don’t accept credit cards directly, Gift of College allows you to purchase gift cards that can be applied toward student loan payments. By leveraging a credit card welcome bonus—for example, earning $750 after spending $6,000 in 120 days—you can offset fees and maximize cashback. While there’s a $5.95 fee per card, buying $6,000 worth of $200 gift cards results in $178 in fees (30 cards). However, if your credit card offers 1.5% cashback, you’d earn $90 per $6,000 spent, plus the $750 welcome bonus, totaling $840 in rewards. After deducting the fees, your net gain would be $661, making this an effective strategy to reduce student loan debt while taking advantage of credit card perks.