Can I do this?
By smartie0317
@smartie0317 (1610)
United States
July 3, 2009 7:01pm CST
I just got a letter saying I won't get a scholarship the last semester of my schooling. So, it will be 2,000 less covered that I will have to pay. I am not able to get a loan. The payment will be due by Jan. I hope to start working in May-Sept following that. So, between four to eight months later, I will be able to pay it back. I have four different credit cards that have amounts that cover 2,000. However, if I go over I will not have enough credit to cover it. So, I was thinking. To make my intial payment on card 1, then pay it with card 2, then pay that with card 3, then that with card 4, then pay card 4 with the first card. I.e. paying my balance off with my credit card. I've heard of people "paying" credit cards off with other credit cards. With this work out? Or can they stop you if you do it too much?
3 responses
@suzzy3 (8341)
•
7 Jul 09
As long as you pay the school won't worry how you pay for it,you can pay this way if you wish to,it seems to be a shame you lose out so soon to starting work to pay it back,just be careful you don't make yourself bankrupt,but to have your scholarship taken away now is very cruel maybe you could ring them up maybe they have made a mistake.If you have no other way of paying it then this is your only option.
@smartie0317 (1610)
• United States
15 Jul 09
Thanks for youtr advice, but I don't believe that will work. Last year, I was having problems getting my scholarship to be added. It kept saying processing. One day, I called up and was all what does this mean? They told me, "You qualify this byear for state aid and we owe you X amount, but since you qualified for state aid we don't have to pay you the full scholarship." So, I asked how much was being cut out on their end and they said 2,000. So, I asked if I would get this in later years, and they said, "No, once it's cut it's cut and someone else who deserves it will get it." They were really up in arms about the whole thing to be honest.
@peavey (16936)
• United States
20 Jul 09
You CAN do it, but I don't think it's wise. Why not take the time now to work, or work extra and get the money together before you need it? You could even put off the last semester for a year while you work for the money. Going into debt is never the best option if there's another way.
@shauryagupta (92)
• India
4 Jul 09
Its not good to get into habit of using credit cards too often. If you failed to pay of your credits, then you might be in danger of having higher rate of interest.
