Student loan repayment, which had been halted for more than three years due to the pandemic, has reared its ugly head once again and picked up right where it left off. But now you can easily repay your student loans with Bitcoin or your favorite cryptocurrency through the BitPay app. Read our handy guide on how to safely and easily pay your student loans using cryptocurrency.
How to Pay Student Loans with Cryptocurrency
Setting up student loan repayment using cryptocurrency is quick and simple and takes just a few steps to get started.
Step 1: Download the BitPay app and set up your wallet
Download our free app for Android and iOS devices. BitPay wallet is self-managed. This means that only you control your money. You can easily create a wallet to pay off your student loans or import wallets/keys created from other popular self-managed wallet applications such as Metamask, Exodus Trust Wallet, and Coinbase Wallet. Alternatively, you can pay your student loan from your browser on the BitPay website. Log in to your BitPay account and navigate to the Bill Pay tab within your personal dashboard.
Step 2: Link your account
In the BitPay app, tap the ‘Payments’ tab and then tap ‘Bill Payment’. If you are a new BitPay user, you will be asked to provide basic KYC information. Your information will be used to link your student loan account to your cryptocurrency wallet.
Step 3: Pay your student loan with your favorite cryptocurrency.
Once your student loan is connected, the provider, maturity date, balance and more details will appear in the app. Select your student loan, tap ‘Pay Bill’ and enter the amount you want to pay. Then select your desired cryptocurrency and confirm payment. It’s that easy.
To get started, download the app or connect to the web.
start
Which student loan lenders accept payments in cryptocurrency?
BitPay Bill Pay allows you to pay loans from virtually any lender, including Navient, Nelnet, Sallie Mae, Discover Student Loans, FedLoan Service, and all other student loan providers.
What cryptocurrencies can I use to pay off my student loans?
BitPay Bill Pay supports Bitcoin (BTC), Bitcoin via Lightning Network, Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin (LTC), and Polygon ( MATIC), Coin (EUROC). We’re also constantly evaluating other coins and tokens to include in this list, so check back often if you don’t see your current favorite cryptocurrency as an option.
Which wallet can I use to pay my student loans?
You can pay your student loans right from the BitPay app, or if you prefer to bring your own cryptocurrency wallet, you can pay online through the BitPay website.
Because the BitPay app offers self-custodial wallets, other self-custodial wallets created through alternative wallet providers can be easily imported into the BitPay app using a 12 or 24 word seed phrase. You can pay your student loan with the cryptocurrency assets contained in the imported wallet.
You can also pay your student loans through the BitPay website, which is compatible with over 100 of the most popular and trusted cryptocurrency wallets. All you have to do is sign up and connect with a lender. You will receive a custom invoice that you can pay using the wallet of your choice.
What other bills can I pay using cryptocurrency?
BitPay Bill Pay ushers in the golden age of cryptocurrency payments, offering users a variety of options to seamlessly pay all types of bills using the cryptocurrency of their choice. In addition to student loans, you can use BitPay to pay car payments, mortgages, credit cards, personal loans, and more from over 5,000 lenders and service providers.
credit card bill
BitPay Bill Pay allows you to link your credit card account and pay your monthly bills from your cryptocurrency wallet without a checking account. BitPay supports all major credit card providers, including Chase Bank, Bank of America, Citibank, Discover, and more. Learn more about paying your credit card bills with cryptocurrency. See our guide on how to pay your credit bills with cryptocurrency.
mortgage payment
Rather than hassle with multiple bank and lender dashboards, use cryptocurrency to simplify your monthly mortgage payments. BitPay makes it easy to pay your home loan with your favorite cryptocurrency, even from major banks like Chase, Wells Fargo, Quicken Loans, Bank of America, CitiMortgage, and more. Learn more about mortgage cryptocurrency payments.
car payment
You can also use the BitPay app to make your monthly car payment no matter who your lender is, including Capital One Auto Finance, Wells Fargo Auto, Toyota Financial Services, Ford Credit, and more. If you want, you can even buy a car with cryptocurrency. BitPay’s partners include some of the largest and most reputable car dealerships in the country, allowing you to pay for your car purchase entirely with cryptocurrency. See our guide on how to pay for a car loan with cryptocurrency.
personal loan
You can easily repay personal loans through BitPay, which allows you to use cryptocurrency to make payments through popular lenders such as SoFi, Marcus by Goldman Sachs, Avant, Upstart, and LendingClub.
Other ways to use cryptocurrency
Now you might be getting the idea that there are almost no restrictions on paying your student loans or other monthly payments with cryptocurrency. But your options aren’t limited to just essential recurring expenses, like mortgage or student loan payments. There are countless ways to use cryptocurrency, and BitPay makes it easy.
Spend directly with BitPay merchants
Shop directly with hundreds of merchants who accept cryptocurrency payments through BitPay. Scroll through the seller directory to find your favorite store or brand, then follow the instructions provided on each page. You’ll find top brands like AMC Theatres, Ralph Lauren, Jomashop Newegg, and more.
Spend using your BitPay card
The BitPay card allows you to use your cryptocurrency purchasing power wherever you go. Use your Mastercard wherever it is accepted and enjoy cashback, low-to-no-fee ATM withdrawals, and more worldwide. Getting your own is also free and takes just a few minutes.
gift card
If your preferred retailer doesn’t yet accept direct cryptocurrency payments, don’t panic. BitPay also allows you to use the cryptocurrency of your choice to purchase gift cards from a variety of brands, including Uber, Walmart, Hotels.com, and more.
Different ways to use the BitPay Wallet app
BitPay Wallet is the only cryptocurrency app you need to buy, store, spend and exchange your digital portfolio.
Buy cryptocurrency at low prices
If you want to save money, it’s best to shop around for the best price possible when purchasing cryptocurrency, but doing so for each purchase takes time and effort. With an extensive partner network, BitPay works to ensure you always get the best price. By using the “Best Offers” feature, accessible through the website or the BitPay Wallet app, you will receive a variety of offers without any hidden fees or excessive markups. All you have to do is choose the offer that looks best. You will then be taken to one of our trusted partner sites to complete your transaction.
Self-managed storage
BitPay wallets are self-managed, meaning no one but you has access to your private keys or the crypto assets they protect. For cryptocurrency users who prioritize wallet security, self-storage is the preferred solution.
guard
Whether you want to pay directly with cryptocurrency at your favorite retailer, pay with cryptocurrency on a student loan or other bill, or purchase gift cards with cryptocurrency, BitPay Wallet has it all covered. Even if you are not a BitPay Wallet user, you can purchase cryptocurrency through the BitPay website and send it to your self-custodial wallet.
exchange
If you want to participate in a blockchain project or a cryptocurrency community of interest, you will likely need a small amount of that ecosystem’s native cryptocurrency tokens. For example, if you want to dip your toes into the passive income-generating possibilities accessible through the decentralized finance (DeFi) ecosystem, you’ll need to hold some Ethereum or another compatible cryptocurrency. Maybe you’re interested in joining a more niche community powered by smaller, less well-known crypto tokens. In the past, you had to exchange fiat currency for popular coins like Bitcoin and then exchange them for smaller tokens. However, within the BitPay app, you can instantly exchange almost any cryptocurrency for another cryptocurrency using hundreds of exchange pairs.