|01-15-2012 11:01 AM|
[QUOTE=rebelBullDawg325;1923082]Get the excess loans every semester. Put all of the excess in an interest bearing 12-18 month cd. when that time period is up. Put the original principle, your interest, AND your excess loans from the yr or so while that money was untouchable into a new CD. Do this constantly until you graduate. When you're done. Take all of the principle ( excess student loans, most of which you don't have to start paying and don't start accruing interest until 6mos after you finish ) and pay off the loan. Then you keep all of the interest. It's literally free money. Or opt to keep some of the principal as well and view it as a cheap loan ( most student loans have ridiculously cheap int rates) .
That sounds so smart to do! I wish I could do that still...I only have a year and a half left so that would be perfect! Although in the offchance that I would get audited would that be not allowed since it wasn't used for school at that time? hmmmm....
|01-15-2012 10:18 AM|
Get the excess loans every semester. Put all of the excess in an interest bearing 12-18 month cd. when that time period is up. Put the original principle, your interest, AND your excess loans from the yr or so while that money was untouchable into a new CD. Do this constantly until you graduate. When you're done. Take all of the principle ( excess student loans, most of which you don't have to start paying and don't start accruing interest until 6mos after you finish ) and pay off the loan. Then you keep all of the interest. It's literally free money. Or opt to keep some of the principal as well and view it as a cheap loan ( most student loans have ridiculously cheap int rates) .
The key with paying back student loans is just like credit cards.... Don't only pay the minimum. You can get by paying $50/mo for 30 years, or pay more per month for a shorter time.
|01-14-2012 09:46 PM|
|rivershark2005||For the love of everything holy, don't even consider it. I used a student loan to buy a vehicle back in '07. Worst mistake of my life. Car eventually broke down (blown head gasket) and I still owe way more than what I would had I gotten a car loan. Luckily, I got a student loan that is dismissable with bankruptcy. I'm on the verge of filing right now due to my ex openning a ton of credit cards in my name and not telling me.|
|01-14-2012 07:19 PM|
|orange05tj||Don't do it! My wife didnt pay her student loans and they are sued us, garnished her wages and taking both of our income tax refunds until its paid off. Thankfully its only 15 grand. Oh yeah, I bought a winch and 33s with the dough. ( tires are long gone, still got the winch...a really expensive winch now)|
|01-14-2012 05:17 PM|
The opportunity to finance mods for 20-30 years... non-dischargeable in bankruptcy.
I'd rather contract an STD.
|01-13-2012 01:16 PM|
|01-13-2012 01:12 PM|
|Celtic||To Militaryman4455 in response to "Μολὼν λαβέ", LET THEM TRY! NEVER|
|01-13-2012 10:14 AM|
|Mr. Sinister||And people blame the education system........|
|01-13-2012 09:43 AM|
|denisbaldwin||Yeah, not the RIGHT way to do it.. but definitely one way to do it.|
|01-13-2012 09:37 AM|
|01-13-2012 08:59 AM|
|denisbaldwin||My old roommate has been living on excess college loans for the last 6 years. He takes just enough credits to be full time and doesn't want to work so he's carrying 100,000+ of debt with him through graduation. I guess that's one way to do it.|
|01-13-2012 06:52 AM|
|01-12-2012 10:07 PM|
|Tigster||10 years from now when your still paying on your loans and the Jeep is gone you will be regreting it.|
|01-12-2012 03:17 PM|
|LaTuFu||It's all fun and games until you get flagged for an audit and have to prove it was all spent on school.|
|01-12-2012 02:44 PM|
|01-12-2012 02:34 PM|
|MuddyMO 64055||DON'T DO IT!!!!!!!! you will regret it in the future. Think big picture|
|01-12-2012 02:31 PM|
|JDeBlois||hahaha what ya think is payin for my lift kit? I get both loans in the summer, so when it applies I get my refund. Cabrini gave me another scholarship, without tellin me, so I'm getting like 1500 back this sem and it's getting my Zone Offroad lift, rear adjustable control arms, and my SYE/CV. Plus some cash for gas.. haha|
|01-12-2012 01:57 PM|
|01-12-2012 01:55 PM|
|Another Guy In A Jeep||Use loans for what they are meant for man. I would never take a loan to buy mods haha its something that with saving up for, it makes the purchase and add on that much more special.|
|01-12-2012 01:55 PM|
|Peepers||I had a roommate in college that was getting about $3000 in scholarships more than his tuition every semester. Every year he took the $6k and bought a new used car.|
|01-12-2012 01:52 PM|
Student Loans used for buying Jeep Stuff
Man, today I figured out my loans for my next semester. I had the chance to take out up to 5000 more when I only needed 1000. The only thing that crossed my mind was the 4000 dollar refund check I would get in march and all of the good stuff I could buy for my Jeep with that! Man oh man, it was just too much. I finally came back down to my senses and only took out what I needed. I figure it's the smart thing to do in this economy, since it would be AWESOME now, but not so great when I have to pay it all back in the future. Hope I made the right choice.