Using student loan for a truck

[Wheel House Motorsports]

Anyone else gotten a student loan and used it for something besides college. for me its all paid for, but i am looking at a truck that aint much, like 2500, but i would like to buy it before next summer when i can get some fulltime work in

any way to get one that has no interest till i graduate, then just pay it off all at once or are there rules against that

i know people on here do it to buy sleds, so i was just curoious as to how it would work.

 

[xrated]

don't do it!

I know guys out of school for 4 or 5 years and they are still paying for their spring break trips that they used student loans for. Any extra money you borrow for school, even if you pay the "truck" part down asap, you will still be paying for it in some sense in 10 years.

 

[Supplicate]

Take the extra money and put it towards one huge payment on your student loan. Or keep it in a savings account so you don't have to borrow as much for next semester.

 

[snopropanther]

i tried to get a student loan so i could get a new truck and sled. word of advice. if you have enough money in your account and when they check they laugh.

plus i cant get a student loan now because im half way done and the banks got me down as financially stable.

 

[ArcticBoy]

Sounds like fraud to me. I think you know it's not the right thing to do.

 

[justadude]

Don't be an idiot!! If you were or are smart enough to get accepted into College you have to be smarter than buying a truck with student loan money!!!!

 

[racingpit]

Sounds like fraud to me. I think you know it's not the right thing to do.

Exactly. They send you papers telling you that you specifically cannot use the money for anything else other than education.

 

[LeeDoo]

Don't do it. Buy a geo with your pocket change and save the student loans for student type stuff.

 

[decarls]

Don't do it. Buy a geo with your pocket change and save the student loans for student type stuff.

cheaper to buy a yr old suburban right now than a geo metro!!

 

[bonz50]

there is nothing illegal or unethical about it, if you wanna do it, do it... just pay off the student loan ASAFP once you start having to make the payments...

 

[Bubba700]

All I can say is wow like some one said your know better.

 

[milehighassassin]

You can do what you want with the money legally.

Using the money to pay down your student loans doesn't make much sense. Just don't take the money if that is what you are going to use it for, they do charge an account fee for each loan that is cut, so you would be losing money.


In all honesty, I would take out a regular loan. If you do want to take the loan, the government does drop the interest (depending on what kind of loan you are taking) while you are in school. You can also write off all the interest on a student loan, you can't do that on a regular loan.

 

[triple]

I finished school with absolutely no student loans. I worked every chance that I had while going to university. Every weekend, summer months, Christmas and holiday breaks were spent working to pay for school. So many of my friends used student loans to do other stuff like buying cars, drinking in bars etc. and they spent years paying them off.

Stay as far away as you can from student loans. If you absolutely have to get one, use it for tuition and books. GO to school closer to home, stay out of the bars and be patient. It's nice when you finish and get to keep the new pile of money that your education is paying you.

 

[Jaynelson]

My advice is don't take out a loan for a $2500 truck. Your entire economy is in trouble because of stuff like that....if you're in school, and you can't afford it out of pocket, don't buy it. Simple.

 

[Dogmeat]

everyone I know who used a student loan to buy stuff that wasn't for school only wound up dropping out of school and working a meanial $7.50 an hour job and then ultimatley having to sell what they took the loan out for AND then pay the loan back.

Dumb idea to use student loans to pay for stuff other than school.

edit:

Unless it's the last semester of your sr. year and you use what's left of the loan money to buy a mis-priced 60" TV that you got for $1400 when it should have been $2000 ...

But only if it's your last semester and you already have a few job offers

 

[Cowbell]

I wouldn't do it....and I did it.

I took out some extra money on my student loan that I didn't need to and put it down on a new dirt bike. Still paying on the loan and the bike. It has only been 2 years though...

 

[go high fast]

student loan for a truck................dumbest thing I ever head of.

 

[POLZIN]

I think you should call fannie and take some equity on a home you MAY own in the future! Its the american way!

Seriously though debt is a cancer ! avoid it !

 

[Ultra]

There is good/smart debt and there is bad debt. Anyone going to college should know the difference, but I know that's not reality.

The way you recognize the "right thing to do" is its always the more difficult path.

The way you recognize someone of high character is someone that does the "right thing" when nobody is looking. Take the high road.

 

[switchback]

I got my bachelors for free on grants. Took the loans for living expenses. Defintion of living expenses? I financed glorious years of MAJOR partying. Took 10 years at 157.50/mo to pay it off. Great time? HELL YES! Wise? Nope. Roommates bought vehicles, sleds, you name. Bad idea-period. Been there done that. Don't do it.