I have student loans at a rate of 6.55%. I have zero credit card debt - and have a card with a rate of 6%. I have a comfortable amount saved for emergencies and have some extra income that can go towards debt elimination.
Does it make any sense to use the line of consumer credit to save on student loan interest? If so, what's the smart way to do that?
EDIT Great answers, folks - and I wanted to follow up with two other bits of information. I do not qualify for the deduction and my thought was to "get around" any cash advance or transfer fees by basically charging my monthly expenses to the card, putting the cash towards the student loan.