Law School Discussion

buying a new car...?

*shell*

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Re: buying a new car...?
« Reply #10 on: January 30, 2006, 10:34:45 PM »
exactly!  im used to having an income...i have bills to pay, and no fam to help...they have to take this into consideration.  i was talking to a friend today who says his gf used her student loans to pay car payments, so i dunno. i think i'm going to call some schools tomorrow to get a better picture.

i need a freaking car too if i end up in the midwest. as for the other comments, if they wont let you work as a 1L...what the hell are you supposed to do?

AH

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Re: buying a new car...?
« Reply #11 on: January 30, 2006, 10:37:23 PM »
thats a good idea shell.  since its hard for me to get all the hours i need, i have to rely on more loans than i'd like already, so i couldn't imagine adding car payments to the mix.

idk what ill do if i can't work during 1l, expcept live off of ramen and vegetable broth! lol  i am seriously consider taking a year to save up a bit.

Steve.jd

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Re: buying a new car...?
« Reply #12 on: January 30, 2006, 10:41:22 PM »
Hrm, this is all pretty disheartening :(

I drive a 97 Toy, ~90k

I've been saving up for the past 4 years for a new car....

I thought I'd put like 20 down and pay 10 or so in loans...but I guess not :(

i need a freaking car too if i end up in the midwest. as for the other comments, if they wont let you work as a 1L...what the hell are you supposed to do?

theoretically, loans should cover "everything you need."

AH

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Re: buying a new car...?
« Reply #13 on: January 31, 2006, 04:21:13 AM »
I as just joking with my roommate ( a hs teacher in training) that a hs sophomore has a better car now than i ever had.  He had a brand new chevy avalanche and couldn't be a day over 16.

He was 6 when my car was made. :D

Re: buying a new car...?
« Reply #14 on: January 31, 2006, 06:47:05 AM »
exactly sno....schools don't figure in car payments because really, it is not necessary .  I could sell my 345 a month car and get a decent used car...i guess that is what you are supposed to do...

trust me i did this same thing last year on here when people were asking about their cars...everyone was wondering what to do b/c it is hard to keep it, financially.  Unless you can get private funding (and I don't think that will always work...def. check with schools for budgets), help from M/D, or save up enough to cover the payments...(yikes!)...none of those three will work for me.

bama

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Re: buying a new car...?
« Reply #15 on: January 31, 2006, 01:40:18 PM »
I would just keep the clunker and pay for repairs if/when they come up.  It will be less expensive than financing another car.

*shell*

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Re: buying a new car...?
« Reply #16 on: February 01, 2006, 11:13:47 PM »
i called a couple of schools today and talked to financial aid...they say it's doable!  whether or not i actually do it is another issue entirely...it's a big step, dunno if i should commit to something like that...but at least i know that i can

Re: buying a new car...?
« Reply #17 on: February 02, 2006, 06:21:31 AM »
i'm going to give u the same advice i give to ALL my friends...if u're unsure about your finances, stay the HELL away from car payments

agreed....well..if it is a cheap, but good, used car at like 200 a month or less that is ok...but a new car....not such a good idea (from the person strapped to a 345 a month car payment  :D)

upNdown

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Re: buying a new car...?
« Reply #18 on: February 02, 2006, 08:27:02 AM »
Good question about whether a car is an asset or a liability.  Schools make it clear that they don't consider financial dept when assigning financial aid, yet they as what kind of car you have and how much you owe on it. 

I have a few thoughts.

1) You'd have to be crazy to buy a NEW car.  20-30K plus taxes and insurance for transportation?  Who do you think you are, F. Lee Bailey? 

2)  You can get a decent used car cheap.  The dude that mentioned he was driving a Toyota with 90K on it?  That is what I consider to be reliable transportation.  If you're a student and you're even considering paying more than 10K for any vehicle, you should have your head examined.

3) Whatever you do, keep you payments LOW!  Around here (MA), people routinely pay $100-$200 per month for auto insurance alone.  Figure in the costs of gas and maintenence, and how much will you have left to actually put towards the car? 

4) I don't believe it pays to have money in the bank.  Buying a used car might not be such a bad idea if you have the money laying around.  As far as I can tell, these schools take all you have and then give you (or loan you) the rest.  So why give them the $10,000 you're sitting on when you could spend it and maybe they'll give you a 10k grant?

5) Thought number 4 is merely conjecture and should probably be ignored. 


ktcarlin

Re: buying a new car...?
« Reply #19 on: February 06, 2006, 03:25:10 PM »
Well, allow me to describe what a friend of mine did during law school.  He had a wife and a child, took out loans enough to cover living expenses.  Federal loans will only cover 18.5K.  Now that Bush has signed the new bill into law, there will be no subsidized loans anymore.  You will have to take out private loans to support yourself.  Try looking into schools that have LRAP, or be ready to pay off those loans 6 months after school.  For me, I have a wife and 3 children.  I am military and have close to 1300 every month from the MGIB.  I will use that to either rent or buy a house, and pay utilities etc.  Then we saved enough to make the payments on our car and insurance for the year.  Tax time comes around, we save our tax money, EIC thankfully, will be used to pay our car payment again.  Therefore, my loans will be inflated compared to others, i.e. I will have to take out additional loans for my family; however, that is what you have to do to get an education.  I was always taught to make EXTREME sacrifices to gain an education.  Frivolous spending is not good; however, if you NEED a car, does it have to be a new car?  If you need a new car, find a way to make the burden light; however, utmost importance is to GAIN THAT EDUCATION at whatever cost.  But don't borrow more than you need.  Live like a student to live like a lawyer!