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Author Topic: Student loan for a car?  (Read 5371 times)

Kitty782

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Re: Student loan for a car?
« Reply #30 on: April 02, 2007, 11:43:00 PM »
I understood all that, but I was wondering if there was a way to get a larger loan so that I could still afford rent, food, books, etc. and also make car payments.

The short answer is no.  you can take a loan out, but not a "student loan."  take heart though, private loans have equal or better rates than student loans a lot of times.

As has  been previously states, you can take out student loans up until the school's COL (usually 10-15,000 dollars).
Fordham 2010

sharky

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Re: Student loan for a car?
« Reply #31 on: April 02, 2007, 11:52:27 PM »
They do adjust the cost of living if you have some special situation, like recurring health costs or are a single parent with a child.

jillibean

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Re: Student loan for a car?
« Reply #32 on: April 03, 2007, 08:35:01 AM »
I understood all that, but I was wondering if there was a way to get a larger loan so that I could still afford rent, food, books, etc. and also make car payments.

yes you can take out a larger loan- you write the school and tell them that you need a cost of living increase
UMiami c/o 2010

queencruella

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Re: Student loan for a car?
« Reply #33 on: April 03, 2007, 08:40:47 AM »
I understood all that, but I was wondering if there was a way to get a larger loan so that I could still afford rent, food, books, etc. and also make car payments.

yes you can take out a larger loan- you write the school and tell them that you need a cost of living increase

Schools are usually very stingy about raising the student budget. Some have one budget regardless of familial status that they refuse to raise for any reason. Others have separate budgets for students with families and may give budget increases for other sorts of non-voluntary payments like healthcare costs.  Making a car payment is not something they will see as necessary and will likely be rejected by the school.

barenakedtjm

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Re: Student loan for a car?
« Reply #34 on: April 03, 2007, 10:02:47 AM »
I understood all that, but I was wondering if there was a way to get a larger loan so that I could still afford rent, food, books, etc. and also make car payments.

The short answer is no.  you can take a loan out, but not a "student loan."  take heart though, private loans have equal or better rates than student loans a lot of times.

As has  been previously states, you can take out student loans up until the school's COL (usually 10-15,000 dollars).

How would the private loan work?  Would payment still be deferred?

And do most schools (spec. Alabama) build the cost of a laptop into your first year COA?

cesco

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Re: Student loan for a car?
« Reply #35 on: April 03, 2007, 11:25:37 AM »
I understood all that, but I was wondering if there was a way to get a larger loan so that I could still afford rent, food, books, etc. and also make car payments.

yes you can take out a larger loan- you write the school and tell them that you need a cost of living increase

Schools are usually very stingy about raising the student budget. Some have one budget regardless of familial status that they refuse to raise for any reason. Others have separate budgets for students with families and may give budget increases for other sorts of non-voluntary payments like healthcare costs.  Making a car payment is not something they will see as necessary and will likely be rejected by the school.


You cannot just write the school and tell them that you need a cost of living increase.  This is absolutely false!  As QC said, some financial aid offices will increase your budget if you have EXTREME extenuating circumstances - but often you have to show proof/receipts of why you need this extra loan. 

Most schools do allow a one time computer allowance.  At my school you have to turn in your receipt after you buy your laptop. 

Schools do this to HELP students - they don't want students going out into the real world with an extra 20K in debt just because they didnt budget properly.

One final note - a friend of mine had some car problems and needed $2,000 to get it fixed.  They would not allow her a student loan increase for car issues - said this is never approved under the budget.  She ended up using the computer exception (since she had a laptop) to get some extra $$ and somehow that worked out for her.  Obviously there are loopholes - but I would be VERY hesitant to rely on these loopholes
2L

barenakedtjm

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Re: Student loan for a car?
« Reply #36 on: April 03, 2007, 01:13:08 PM »
Thank you, this is helpful.  In order to obtain a computer allowance, I take it the best way to go about this would be to contact the school financial aid dept. and ask about their policy on computer costs?

jillibean

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Re: Student loan for a car?
« Reply #37 on: April 03, 2007, 08:47:48 PM »
Thank you, this is helpful.  In order to obtain a computer allowance, I take it the best way to go about this would be to contact the school financial aid dept. and ask about their policy on computer costs?

At most schools the computer allowance is 2K- one time only. I would call and talk to someone.
Also, in response to the guy above who said you couldn't write the financial aid office- obviously proof is needed but the schools I talked to said that for what I needed I just had to write a letter and that my FAFSA and tax returns were enough.
UMiami c/o 2010

wallstreet1986

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Re: Student loan for a car?
« Reply #38 on: May 18, 2007, 12:58:18 AM »
Yeah live frugally with other things and dip into the room and board budget etc.

I'm going to be sharing a place with another guy and it will probably cost me 450-500 a month tops with utilities.  We get 1100/month room and board.  That assumes I make zero money during the summer and lets me spend 600/month if i wanted to on food.  Nah 200-250/month on food would suffice.  300 if I eat out.  Leaves me 300/month for repairs on my car, saving up to get a new car, insurance, what not.  I think that kind of stuff is built into your COA.  Bizarre though that a car is not a necessary expense.  Most places it would be impossible to walk and get your groceries etc, impossible at my new school.