is it wrong?? - The 1947 - Present Chevrolet & GMC Truck Message Board Network

sodak69c10 · 12-07-2007, 09:41 PM

well this semester in college is coming to a close in january i start my last sem of auto technolgy

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"

71swb4x4 · 12-07-2007, 09:47 PM

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.

cdowns · 12-07-2007, 09:52 PM

put yourself as far in debt as you possibly can before you even get a job thats a sound life plan

chevy72blu · 12-07-2007, 10:23 PM

Quote:

Originally Posted by cdowns

put yourself as far in debt as you possibly can before you even get a job thats a sound life plan

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.

71swb4x4 · 12-07-2007, 10:35 PM

Quote:

Originally Posted by chevy72blu

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.

Using school loans to pay for truck parts isn't.

cdowns · 12-08-2007, 06:16 AM

Quote:

Originally Posted by chevy72blu

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.

making $1.5 millon more in a lifetime and spending 2-3millon in a lifetime in interest payments just makes a broke educated bum

who cant afford a pot to piss in

red69ss · 12-07-2007, 09:50 PM

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.

badchev69 · 12-07-2007, 09:54 PM

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!

mrein3 · 12-07-2007, 09:59 PM

Quote:

Originally Posted by badchev69

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!

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.

badchev69 · 12-07-2007, 11:21 PM

Quote:

Originally Posted by mrein3

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.

Thats what i was getting at, you will pay it back eventually, most of the time with interest. And since grant money comes from tax money (which we all pay i hope), why not use it for whatever you want.

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)

sodak69c10 · 12-07-2007, 09:59 PM

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

71swb4x4 · 12-07-2007, 10:07 PM

Check out this site: www.daveramsey.com

sodak69c10 · 12-07-2007, 10:13 PM

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

krue · 12-07-2007, 10:13 PM

Amen brother! Dave is the man!

sdkid · 12-07-2007, 10:23 PM

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

sodak69c10 · 12-07-2007, 10:31 PM

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

72BLUZ · 12-07-2007, 11:26 PM

Quote:

Originally Posted by sodak69c10

well this semester in college is coming to a close in january i start my last sem of auto technolgy

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"

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!!!!!!!

5150 · 12-07-2007, 11:26 PM

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.

wibilly · 12-08-2007, 01:35 AM

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

**special-K** · 12-08-2007, 06:49 AM

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.

**raggedjim** · 12-08-2007, 09:49 AM

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

chevguy7 · 12-08-2007, 11:22 AM

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.

67ChevyRedneck · 12-08-2007, 11:23 AM

Only take what you need. I still owe 23K, it was 28K 3 years ago. Still a Looooooong way to go.

BB72CHEVKT · 12-08-2007, 11:35 AM

DON'T do it.

wibilly · 12-08-2007, 07:49 PM

we all know student loan money is to be spent on partying and chasing girls what are you even thinking about

12-07-2007, 09:41 PM	#1
sodak69c10 Registered User Join Date: Mar 2007 Location: Rapid City, South Dakota Posts: 285	is it wrong?? well this semester in college is coming to a close in january i start my last sem of auto technolgy 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" __________________ ,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

12-07-2007, 09:47 PM	#2
71swb4x4 Senior Member Join Date: Nov 2003 Location: Brookings, SD Posts: 10,497	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. __________________ 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.

12-07-2007, 09:52 PM	#3
cdowns Senior Member Join Date: Jan 2003 Location: daytonabeach Posts: 22,956	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 __________________ 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

12-07-2007, 09:50 PM	#7
red69ss Burnouts are therapeutic Join Date: Jun 2007 Location: lancaster, south carolina Posts: 852	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. __________________ 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

12-07-2007, 09:54 PM	#8
badchev69 Active Member Join Date: Apr 2004 Location: Stayton, Oregon 97383 Posts: 178	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! __________________ 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 )

12-07-2007, 09:59 PM	#11
sodak69c10 Registered User Join Date: Mar 2007 Location: Rapid City, South Dakota Posts: 285	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 __________________ ,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.

12-07-2007, 10:07 PM	#12
71swb4x4 Senior Member Join Date: Nov 2003 Location: Brookings, SD Posts: 10,497	Re: is it wrong?? Check out this site: www.daveramsey.com __________________ 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.

12-07-2007, 10:13 PM	#13
sodak69c10 Registered User Join Date: Mar 2007 Location: Rapid City, South Dakota Posts: 285	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 __________________ ,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

12-07-2007, 10:13 PM	#14
krue Designated A-hole! Join Date: Mar 2003 Location: South Mississippi Posts: 36,450	Re: is it wrong?? Amen brother! Dave is the man! __________________ "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"

12-07-2007, 10:23 PM	#15
sdkid Registered User Join Date: Sep 2004 Location: Pierre SD Posts: 1,533	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 __________________ 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.

12-07-2007, 10:31 PM	#16
sodak69c10 Registered User Join Date: Mar 2007 Location: Rapid City, South Dakota Posts: 285	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 __________________ ,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

12-07-2007, 11:26 PM	#18
5150 C10 Club Tennessee Join Date: Mar 2003 Location: White House, TN 37188 Posts: 8,281	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. __________________ 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

12-08-2007, 01:35 AM	#19
wibilly Senior Member Join Date: Nov 2005 Location: northwestern wi Posts: 2,111	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 __________________ common sense isn't so common anymore

12-08-2007, 06:49 AM	#20
special-K Special Order Join Date: Nov 2004 Location: Mt Airy, MD Posts: 85,861	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. __________________ "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 ~

12-08-2007, 09:49 AM	#21
raggedjim Senior Member Join Date: Jun 2002 Location: Murray, Kentucky Posts: 3,465	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 __________________ 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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12-08-2007, 11:22 AM	#22
chevguy7 Registered User Join Date: Oct 2006 Location: Washington Posts: 316	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.

12-08-2007, 11:23 AM	#23
67ChevyRedneck Hittin E-Z Street on Mud Tires Join Date: Nov 2004 Location: Greenville, SC Posts: 23,090	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. __________________ 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.

12-08-2007, 11:35 AM	#24
BB72CHEVKT Junior Member Join Date: Mar 2007 Location: Hideaway, TX Posts: 4,950	Re: is it wrong?? DON'T do it. __________________ 71 Suburban 350/700R4 Project Trixie 72 CHEVY,Highlander,SWB,396,T400

12-08-2007, 07:49 PM	#25
wibilly Senior Member Join Date: Nov 2005 Location: northwestern wi Posts: 2,111	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 __________________ common sense isn't so common anymore

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