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#1 |
Registered User
Join Date: Mar 2007
Location: Rapid City, South Dakota
Posts: 285
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is it wrong??
![]() ![]() my situation is that i get the rest of my student loan money in january, which i only use a small fraction of for books and tuition, i am thinking of buying my "cab repair panels" and redoing my frame, is it a bad use of a "student loan" ![]()
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,Clint LOUD PIPES SAVE LIVES ![]() 69 C-10 short stepside 406 sbc, 02 YAMAHA WR250F, 07 SUZUKI SV650S, 81 Grand Prix 355 sbc, 81 XT 500 YAMAHA |
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#2 |
Senior Member
Join Date: Nov 2003
Location: Brookings, SD
Posts: 10,497
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Re: is it wrong??
5 years ago, I would have said go for it.
Today, as I am still paying on school loans, my advice would be to save that money as "emergency" money if you don't already have an emergency fund, and then once you are out of school and have a good job put it all back on those school loans to get them paid off quicker. You don't want to be paying for those cab repair panels for the next 5 years or 10 years or however long that school loan is for.
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Some people are like slinkies, they aren't good for anything, but you can't help but smile when you see one tumble down the stairs. |
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#3 |
Senior Member
Join Date: Jan 2003
Location: daytonabeach
Posts: 22,956
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Re: is it wrong??
put yourself as far in debt as you possibly can before you even get a job thats a sound life plan
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71c-10 350/2004r/4:11 lowered3/4 longbed/dead by hurricane MEANING OF DEATH::::: SOMEBODY ELSE GETS YOUR STUFF DONT BELIEVE EVERYTHING YOU THINK TAKE MY ADVISE;I DON'T USE IT ANYWAY |
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#4 |
Registered User
Join Date: Apr 2004
Location: Las Vegas, NV
Posts: 2,188
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Re: is it wrong??
Spend $150k for an education, and return 1.5 million in your lifetime above those who only attain a highschool diploma (with a masters... I am going JD). Thats a sound investment.
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RIP EastSideLowLife '72 C20 SWB convert. 5 lug, LS1/4l60e |
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#5 | |
Senior Member
Join Date: Nov 2003
Location: Brookings, SD
Posts: 10,497
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Re: is it wrong??
Quote:
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Some people are like slinkies, they aren't good for anything, but you can't help but smile when you see one tumble down the stairs. Last edited by 71swb4x4; 12-07-2007 at 10:35 PM. |
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#6 | |
Senior Member
Join Date: Jan 2003
Location: daytonabeach
Posts: 22,956
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Re: is it wrong??
Quote:
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71c-10 350/2004r/4:11 lowered3/4 longbed/dead by hurricane MEANING OF DEATH::::: SOMEBODY ELSE GETS YOUR STUFF DONT BELIEVE EVERYTHING YOU THINK TAKE MY ADVISE;I DON'T USE IT ANYWAY Last edited by cdowns; 12-08-2007 at 06:18 AM. |
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#7 |
Burnouts are therapeutic
Join Date: Jun 2007
Location: lancaster, south carolina
Posts: 852
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Re: is it wrong??
think of it as a grant for hands on experience or homework after all you are in auto tech,starting my last semester in machine tool tehnology in jan. too, ready to be done with school (at 36 years old)congrats on your almost degree.
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1969 CHEVELLE SS 1972 C10 ALMOST DAILY DRIVER 1968 C10 RUSTBUCKET (MISSION IMPOSSIBLE) 1972 PONTIAC LEMANS CONVERTIBLE (WIFE'S CAR) "My wife and I were happy for twenty years. Then we met." - Rodney Dangerfield "The difference between genius and stupidity is that genius has its limits." - Einstein |
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#8 |
Active Member
Join Date: Apr 2004
Location: Stayton, Oregon 97383
Posts: 178
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Re: is it wrong??
Man that sounds all too familiar. Been there done that, Still paying for it. Just think it thru, you have to pay it back plus interest eventually. Unless its a Grant or free money to begin with, then go for it!
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1969 C10 SWB /350 vortech/th400 1968 SWB build (in progress) 1969 SWB build (my son's future project) 1968 camaro yellow/white stripes (wife's car) 2011 GMC reg cab short bed 2wd daily driver 5/7 drop on 22's 1972 K5 Blazer 13"/11"lift,38"M/T MTZ's, 3" cust exst. 350/350 (sold it ![]() |
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#9 |
Registered User
Join Date: Feb 2000
Location: Center City, MN, USA
Posts: 3,254
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Re: is it wrong??
There is no such thing as free money. Where do you think those grants come from? Yup. Your taxes. It is just the left hand paying the right. As others have pointed out, now is not a good time to be going farther in debt than you need to.
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'70 cab, '71 chassis, 383, TH350, NP205. '71 Malibu convertible '72 Malibu hard top Center City, MN |
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#10 | |
Active Member
Join Date: Apr 2004
Location: Stayton, Oregon 97383
Posts: 178
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Re: is it wrong??
Quote:
Although there are some lenders that are strict about using the money for education purposes... I guess i stand on the dont do it side. I know i wouldn't if i could do it over again. But if i were doing it all over again i dont think i would have done the 5 years of engineering at a 4 year school..... do the community collage first! then take what you need at the 4 year. (Big money difference)
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1969 C10 SWB /350 vortech/th400 1968 SWB build (in progress) 1969 SWB build (my son's future project) 1968 camaro yellow/white stripes (wife's car) 2011 GMC reg cab short bed 2wd daily driver 5/7 drop on 22's 1972 K5 Blazer 13"/11"lift,38"M/T MTZ's, 3" cust exst. 350/350 (sold it ![]() |
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#11 |
Registered User
Join Date: Mar 2007
Location: Rapid City, South Dakota
Posts: 285
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Re: is it wrong??
well 1800 of what i am geting in january is a grant, and i do have a job as a technician at a mazda dealer, but i am getting the feeling that people think might not be a good idea(didnt think it would be)
red69ss,congrats back to ya, i don't figure i'm doing to bad consideriing i'll have my associates degree in may and i'll only be 19
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,Clint LOUD PIPES SAVE LIVES ![]() 69 C-10 short stepside 406 sbc, 02 YAMAHA WR250F, 07 SUZUKI SV650S, 81 Grand Prix 355 sbc, 81 XT 500 YAMAHA Last edited by sodak69c10; 12-07-2007 at 10:04 PM. |
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#12 |
Senior Member
Join Date: Nov 2003
Location: Brookings, SD
Posts: 10,497
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Re: is it wrong??
Check out this site: www.daveramsey.com
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Some people are like slinkies, they aren't good for anything, but you can't help but smile when you see one tumble down the stairs. |
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#13 |
Registered User
Join Date: Mar 2007
Location: Rapid City, South Dakota
Posts: 285
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Re: is it wrong??
that is good reading but boy it makes me feel low, it sounds to familar, i have a slight back up plan luckly, that helps out in a pinch
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,Clint LOUD PIPES SAVE LIVES ![]() 69 C-10 short stepside 406 sbc, 02 YAMAHA WR250F, 07 SUZUKI SV650S, 81 Grand Prix 355 sbc, 81 XT 500 YAMAHA |
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#14 |
Designated A-hole!
Join Date: Mar 2003
Location: South Mississippi
Posts: 36,450
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Re: is it wrong??
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"If it ain't broke, fix it 'til it is!" Being stupid ain't illegal. ![]() We're Still Debt Free Except for the House!!! www.daveramsey.com 70 GMC SWB Stepside project "Green Booger" soon to be 6.0l/4l80e 93 S-10 "Poppaw's Truck" |
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#15 |
Registered User
Join Date: Sep 2004
Location: Pierre SD
Posts: 1,533
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Re: is it wrong??
I know the feeling. I used some of my money to put a hot engine in my mustang. I could have done without it. Saving or declining it is a good idea. Or spend it on something that will actually help you down the road. Tools for your job would be of good use to me. How many tool trucks will visit you at your new job? I don't know how many Rapid has.Pierre only has Snap-On, but I know SF has Snap-on, Mac, Matco, Cornwell, and on and on. Tool payments will add up fast, and the bills will come soon after school ends. Just my .02
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I think the world needs a drink... ![]() Help somebody...If you can....VanZant We're not wrong, we're not sorry, and its probably gonna happen again. That's the truth about men. Tracy Byrd ![]() Member# 13924 '70 c10, 350/350 '68 c10 250/4spd '68 c10 no eng/trans fac ps/pb/ac/at (future father/sons project) '48 Chevy Loadmaster Last edited by sdkid; 12-07-2007 at 10:25 PM. |
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#16 |
Registered User
Join Date: Mar 2007
Location: Rapid City, South Dakota
Posts: 285
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Re: is it wrong??
well i am mostly set on tools for a little while right now we got snap-on, mac, cornwell, napa, sadly our matco guy(a friend of mine) had to close down
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,Clint LOUD PIPES SAVE LIVES ![]() 69 C-10 short stepside 406 sbc, 02 YAMAHA WR250F, 07 SUZUKI SV650S, 81 Grand Prix 355 sbc, 81 XT 500 YAMAHA |
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#17 | |
Registered User
Join Date: Nov 2006
Location: lafayette, ga.
Posts: 832
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Re: is it wrong??
Quote:
this is saying it mildly, i think it is credit abuse. the money you dont use from a loan such as this should be sent back to reduce the principal amount owed!!!!!!!
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![]() It must be fought for, protected, and handed on for them to do the same.... Ronald Reagan |
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#18 |
C10 Club Tennessee
Join Date: Mar 2003
Location: White House, TN 37188
Posts: 8,281
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Re: is it wrong??
Dave Ramsey is the man, it's the only reason I'm above water and live in a big house today. Take it and put it right back into the loan. You'll look back at this thread and thank us, or you'll look back and say they were right.
I only wish I'd found Dave's principles earlier in life. Don't let the material things get you.
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Bryan www.gmtruckshow.com Project "Andes"-Halen's First Truck Project: Patina Burb for he is God’s servant for your good. But if you do wrong, be afraid, for he does not bear the sword in vain. For he is the servant of God, an avenger who carries out God’s wrath on the wrongdoer. Romans 13:4 |
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#19 |
Senior Member
Join Date: Nov 2005
Location: northwestern wi
Posts: 2,111
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Re: is it wrong??
i was always tought that you buy toys when you have cash to pay for them, unles you plan on selling your truck to pay off your loans real soon i would say put the money on the principal asap to avoid paying the interest
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common sense isn't so common anymore |
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#20 |
Special Order
![]() ![]() Join Date: Nov 2004
Location: Mt Airy, MD
Posts: 85,858
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Re: is it wrong??
It`s not wrong,but maybe not a wise choice.A student loan could be lower interest.But,who really wants to dive into debt before their first paycheck?Patch panels aren`t all that expensive,either.Good things come to those who wait.If it`s worth havin`,it`s worth waiting for.
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"BUILDING A BETTER WAY TO SERVE THE USA"......67/72......"The New Breed" GMC '67 C1500 Wideside Super Custom SWB: 327/M22/3.42 posi.........."The '67" (project) GMC '72 K2500 Wideside Sierra Custom Camper: 350/TH350/4.10 Power-Lok..."The '72" (rolling) Tim "Don't call me a redneck. I'm a rough cut country gentleman" R.I.P. ~ East Side Low Life ~ El Jay ~ 72BLUZ ~ Fasteddie69 ~ Ron586 ~ 67ChevyRedneck ~ Grumpy Old Man ~ |
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#21 |
Senior Member
![]() Join Date: Jun 2002
Location: Murray, Kentucky
Posts: 3,483
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Re: is it wrong??
Geez, all of us older guys are giving away life secrets. The things everyone is telling you are true, no doubt, but by the time I was 24 I had made every money mistake you can make (some of them twice!) I had a great time doing it, I went through hard times because of it, and I learned a lot! Listen to advice, but make your own decisions. I'd rather go through life regretting mistakes I choose than regretting things I never did because someone talked me out of them.
All that being said, good luck with the truck, Rg
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Roger '68 Short step - https://67-72chevytrucks.com/vboard/...d.php?t=849675 '69 ('70?) 2wd Blazer '70 GMC Jimmy 2wd '73 Firebird - https://67-72chevytrucks.com/vboard/...d.php?t=853203 |
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#22 |
Registered User
Join Date: Oct 2006
Location: Washington
Posts: 316
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Re: is it wrong??
If you want to pay on the interest go for it otherwise set it aside for an emergency. I am in the same position and just graduated from college. If it is a decent amount you might try investing it in something to make money off of it for a while until you have to pay the money back.
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#23 |
Hittin E-Z Street on Mud Tires
![]() Join Date: Nov 2004
Location: Greenville, SC
Posts: 23,090
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Re: is it wrong??
Only take what you need. I still owe 23K, it was 28K 3 years ago. Still a Looooooong way to go.
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Jesse James 1967 C10 SWB Stepside: 350/700R4/3.73 1965 Ford Mustang: 289/T5-5spd/3.25 Trac-Loc 1968 Pontiac Firebird: Project Fire Chicken! 2015 Silverado Double Cab 5.3L Z71 2001 Jeep Wrangler Sport 4.0L 5spd 2020 Chevrolet Equinox Premium 2.0L Turbo 2011 Mustang V6 ~ Wife's ride ![]() American Born, Country by the Grace of God ![]() 1967 CST Shop Truck Rebuild! My 1967 C-10 Build Thread My Vintage Air A/C Install Project "On a Dime" Trying my hand at Home Renovation! 1965 Mustang Modifications! Last edited by 67ChevyRedneck; 12-08-2007 at 11:24 AM. |
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#24 |
Junior Member
Join Date: Mar 2007
Location: Hideaway, TX
Posts: 4,950
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Re: is it wrong??
DON'T do it.
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71 Suburban 350/700R4 Project Trixie 72 CHEVY,Highlander,SWB,396,T400 |
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#25 |
Senior Member
Join Date: Nov 2005
Location: northwestern wi
Posts: 2,111
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Re: is it wrong??
we all know student loan money is to be spent on partying and chasing girls what are you even thinking about
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common sense isn't so common anymore |
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