| transfers. So how does one gain here? Pay off your existing high interest loan with the federal direct parent loan that you transfer and keep repaying this loan from balance transfer till you finish off before the deadline after which the APR shoots up to your normal APR (typically anywhere between 10% to 20%) There are two catches here though. Credit card companies have a policy of applying your payments to the balance with federal direct parent loan APR. Confused? Let's take up a scenario. Let's say you already have a balance of $350 on your card and your purchase APR is federal direct parent loan Now, you make a balance transfer of $2,000 on your card for 0% APR. Now the monthly payments that you make, they will apply completely towards those $2,000 that you transferred. The balance of $350 from the purchase stays on accruing interest on that at the rate of 15% APR. This also suggests that you should federal direct parent loan use the same card to make any purchases after you make a balance transfer using that card. The reason is the same as explained above. Any monthly payments that you make is going towards your balance transfer letting the purchase balance to accrue interest at a higher APR, so you should never make federal direct parent loan balance transfer on your card unless the |  |
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