Typically, when you use a credit card to cover the cost of higher education, you’ll pay more in interest than you would by taking out a student loan. For example, in 2019 credit card interest rates averaged about 17%, whereas the rates for federal student loans at that time ranged from just 4.5% to 7%. Not only will using a credit card likely cost you more than student loans, but you’ll lose access to important federal protections such as income-based repayment plans, interest-only repayment, or deferment, all of which come with federal student loans.