is it wrong??

[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"

[71swb4x4]

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.

[red69ss]

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.

[cdowns]

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

[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!

[sodak69c10]

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

[mrein3]

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.

[71swb4x4]

Check out this site: www.daveramsey.com

[sodak69c10]

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]

Amen brother! Dave is the man!

[sdkid]

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

[chevy72blu]

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.

[sodak69c10]

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

[71swb4x4]

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.

[badchev69]

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)

[72BLUZ]

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]

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]

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

[cdowns]

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 bumwho cant afford a pot to piss in

[special-K]

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]

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]

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]

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

[BB72CHEVKT]

DON'T do it.

[wibilly]

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