I went ahead and used the balance transfer from my credit card to pay down my Grad Plus student loan. The amount of the transfer was $4900 plus a $75 balance transfer fee. Since my interest rate will be over four points lower on the credit card I should easily make up the balance transfer fee. If my math is correct after seven months I’ll come out ahead. The credit card rate is for life and I have other higher interest debt so I’ll be paying only the minimum or slightly above the minimum payment on the card balance. Once I graduate and my income is more certain I’m going to look into paying down more of my student debt in this manner.
One of my goals this year was not to incur any debt other than student loan debt. Since this is just student loan debt transferred to my credit card I feel it is within my goal.