Whether you’re a recent grad in the federal loan “on-ramp” period, already on a repayment plan, or thinking about refinancing, student loans are top of mind for many American borrowers this year.

The exact details of your student loan repayment can vary depending on your loan type and whether you borrowed from federal or private lenders. But one thing is true for any student loan borrower: It’s not a great idea to make loan payments with a credit card.

Here’s what to know if you’re considering using a credit card for student loans, including the few options available and the risks involved.

Generally speaking, you can’t pay your student loans with a credit card. Federal loan servicers and private student loan companies alike don’t accept card payments directly

With most federal and private lenders, your options for paying your student loan bill include one-time or automatic monthly online payments from your bank account, a check, or a money order. Some student loan servicers also accept debit card payments.

However, there are two ways you may be able to use a credit card to pay off student loans:

• Third-party payment facilitator: Third-party services like Plastiq can help you make your monthly student loan payments with a credit card. However, these payment services typically charge a transaction fee. Plastiq, for instance, charges 2.9% of the transaction amount. There are also restrictions regarding which cards are eligible for making student loan payments through the service. You can’t use an American Express or Visa credit card, for example. Make sure you read the service’s fine print carefully to understand whether you’re eligible and the costs involved.

• Balance transfer: Some balance transfer credit cards may allow you to transfer a portion or all of your student loan to a card with a 0% intro APR — though issuers have different restrictions about what debts you can transfer. You may also have the option to get balance transfer checks with a 0% introductory APR period, which you can often use for anything you like. With any balance transfer, there's also usually a balance transfer fee of up to 5% of the transaction amount. Depending on how high your loan balance is, this could add a significant sum to the overall amount you pay.

• Cash advance: Cash advances or convenience checks are another possibility for using your credit line to pay student loans — but this method can be the most risky of all. Cash advances have very steep fees and can even carry higher APRs than your card’s regular interest rate. What’s more, you’ll start taking on interest immediately with no grace period. A cash advance should only be used as a last resort in any scenario, but we especially discourage it for student loans.

While it's technically possible to use your credit card to make student loan payments or pay down a large chunk of your student loan balance, there are multiple reasons why it’s not the best way to pay:

• Fees: Whether you choose an intermediary like Plastiq or a balance transfer, you'll likely pay an added fee — sometimes as much as 5%. Other payment methods may not come with any fees at all.

• Higher interest rates: You'll be hard-pressed to find a credit card that offers a lower interest rate than a student loan. Paying only the minimum credit card payment could help reduce your monthly obligation in the short term. But you'll end up paying much more in added interest costs over time if you carry a credit card balance. Even if you can get a 0% APR promotion, it won't last forever.

• You'll lose protections: Federal student loans come with borrower protections, including access to several forms of relief for people experiencing financial hardship. If you move that debt over to a credit card, you'll lose those benefits.

• You may not get the benefits you're hoping for: You may be interested in using a credit card to pay student loans as a way to earn extra cash-back or points rewards. But this isn’t always possible with the payment methods available. Balance transfers don’t earn rewards, and the cost of the transaction fee with a third party will likely outweigh any value you get from rewards.

In other words, there are no real benefits to using a credit card to pay student loans that aren't overwhelmed by the risks and costs.

If you're struggling to keep up with payments, here are some alternatives to using your credit cards:

• Evaluate your budget: Take a look at your expenses over the past few months and categorize each one so you have a good idea where your money is going. Then, look for opportunities to cut back on discretionary spending, such as restaurants, streaming subscriptions, and impulse buys, so you can better afford your student loan payments.

• Get on an income-driven repayment plan: The federal government offers income-driven repayment options, which adjust your monthly payment based on your income and the size of your family. Use the loan simulator tool on StudentAid.gov to help you find the right plan option.

• Apply for assistance: Depending on your career choice, you may qualify for a federal student loan forgiveness program or a student loan repayment assistance program. Additionally, some private employers offer student loan payment assistance as an employee benefit.

• Request forbearance or deferment: If your financial situation is dire, you may be able to get on a forbearance or deferment plan. Keep in mind, though, that these are typically short-term relief options and may not be a good fit for long-term financial hardships. In most cases, interest will still accrue on your loans while in deferment or forbearance.

• Refinance: Refinancing your student loans may be a way to score a lower interest rate and monthly payment, especially if you already have a private student loan with a high interest rate. It can also help consolidate your loans to make the monthly payment process easier. If you’re refinancing from a federal to private loan, you’ll still lose federal protections and relief options, so it’s important to consider all the details and your ability to repay before you choose this route.

Have you checked to see if you're eligible for student loan forgiveness?

If you have a cash-back credit card, you can use the rewards you earn with your card to help pay down your student loan debt. You're unlikely to earn enough on your everyday spending to cover your full monthly payment, but it can still make a difference.

For example, let's say you have a card that earns 2% cash back on every purchase you make, and you spend an average of $2,000 per month on your credit card. Each month, you'll earn $40 in cash-back rewards. If your monthly payment is $150, you can add the $40 to your full payment for a total of $190, and start paying down your debt faster.

Alternatively, you can deposit the cash into your checking account and make your normal monthly payment, effectively reducing your payment to $110 plus the extra $40 — freeing up some cash each month for other expenses.

Just remember, this will only work if you spend within your budget and don’t carry a balance or accrue interest on your credit card. If you can’t pay your balances in full each month, the interest charges will quickly outpace any rewards you earn on your spending.

There are several cash-back cards with flat rewards on every purchase you could use for this strategy. Plus, these cards typically carry no annual fee.

Related: Best credit cards with no annual fee

The Chase Freedom Unlimited®, for example, earns 1.5% cash back on every purchase that doesn’t fall within its bonus categories, and it has no annual fee. The Capital One Quicksilver Cash Rewards Credit Card earns a similar 1.5% cash back on every purchase (plus boosted rewards on certain travel spending through Capital One Travel).

If you’re just starting to build credit, you might want to consider a card that’s easier to qualify for. The Capital One Quicksilver Secured Cash Rewards Credit Card offers the same 1.5% cash back on every purchase, but requires a refundable security deposit of at least $200 that acts as your credit limit. Over time, you can qualify to upgrade to the unsecured card.

This article was edited by Rebecca McCracken

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