If you're struggling to keep up with student loan payments, there are several federal student loan programs you can use to get some relief.

But if you're considering using more creative options, such as determining whether you can pay student loans with a credit card, it's important to understand the risks involved.

Can you pay student loans with a credit card?

Yes and no. U.S. Department of the Treasury regulations prohibit federal student loan servicers from accepting credit cards from borrowers as a payment method, and private student loan companies have done the same.

So, if you want to pay your student loan bill, your only options are generally a bank account, a check, or a money order.

However, there are two ways you can skirt the rules and use a credit card to make your student loan payment:

• Third-party payment facilitator: You can use companies like Plastiq to make your monthly payment and pay with a credit card. However, these companies typically charge a transaction fee – Plastiq, for instance, charges 2.9% of the transaction amount.

• Balance transfer check: Some credit card issuers issue balance transfer checks that you can often use for anything you like. These checks sometimes come with an introductory 0% APR promotion, though there's usually a balance transfer fee of up to 5% of the transaction amount.

Why it's a bad idea to pay student loans with a credit card

While it's technically possible to use your credit card to make student loan payments or even to pay down a large chunk of your student loan balance, it's not advisable. Here's why:

• Fees: Whether you choose an intermediary like Plastiq or a balance transfer check, you'll typically need to pay a transaction fee. In contrast, regular student loan payments don't involve an added fee 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. While the minimum payment arrangement on a credit card could allow you to reduce your monthly obligation, you'll end up paying for it in more interest costs. Even if you can get a 0% APR promotion on a balance transfer check, 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 rewards. But in general, credit card companies don't offer rewards on balance transfer checks, and the cost of the transaction fee for using an intermediary will likely outweigh any value you get from the cash back, points, or miles you earn.

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.

Other ways to manage your student loan payments

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 of where your money is going. Then, look for opportunities to cut back on discretionary spending, such as eating out, 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 four income-driven repayment plans, which reduce your monthly payment to between 10% and 20% of your discretionary income – and starting next summer, the Saving on Valuable Education (SAVE) plan will go down to 5%. If you don't have a job or you have an extremely low income, your monthly payment can be as low as $0.

• 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. Depending on the program's terms and requirements, you could get tens of thousands of dollars in aid. 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.

Consider using your credit card rewards to pay student loans

If you have a cash-back credit card, you may consider using 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, paying down your debt faster.

Alternatively, you can deposit the cash into your checking account and make your normal monthly payment, effectively reducing your net outflow to $110 and freeing up that cash for other expenses.

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.

The Citi® Double Cash Card, for example, earns 2% back on every purchase: 1% when you make the purchase and 1% when you pay it off. Wells Fargo Active Cash® Card is another no annual fee card with flat 2% back on every dollar you spend, and 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).

Depending on your monthly spending, you may be able to boost the rewards you put toward your loans even more using a cash-back card with bonus categories. Take the Chase Freedom Unlimited, which is offering an additional 1.5% cash back — up to $300 on $20,000 spent in the first year — on top of its existing rewards rate: 5% cash back on Lyft purchases (through March 2025) and on travel purchased through Chase Travel; 3% on dining at restaurants (including takeout and eligible delivery service) and drugstore purchases; and 1.5% on all other purchases. If you spend a lot across these categories in any given month, the same $2,000 from the example above could potentially earn you a lot more cash back to put toward your monthly loan payment.

If you're thinking about using this approach, make it a priority only to spend what you can afford to pay back and to pay your bill on time and in full every month to avoid interest charges. If you carry a balance on your card, the interest charges will likely neutralize the value of any rewards you earn.

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn't include all currently available offers.