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Author Topic: Student loan for a car?  (Read 5237 times)

barenakedtjm

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Student loan for a car?
« on: March 25, 2007, 11:00:15 PM »
Is it possible to obtain student loan funds to buy a car?  My car is getting pretty old and I'd like to get a 2-3 year old used car before I go to law school.  It's pretty reasonable, at least to me, to consider car payments part of the cost of attendance.  Is it feasible to obtain extra loan money from a private lender for this purpose?  I'm sure I can't get grad plus loans for it or anything, but either something I could defer payments on until after school or getting extra money for car payments in my regular student loan would be ideal.

h2xblive

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Re: Student loan for a car?
« Reply #1 on: March 26, 2007, 03:38:49 PM »
Aren't many students loans given with the condition that the money must be spent on tuition, books, and things like that?

barenakedtjm

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Re: Student loan for a car?
« Reply #2 on: March 26, 2007, 03:57:05 PM »
Aren't many students loans given with the condition that the money must be spent on tuition, books, and things like that?

Probably.  I was just wondering if there was a way that it could be done.

I am Penny Lane

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Re: Student loan for a car?
« Reply #3 on: March 26, 2007, 04:03:30 PM »
Seems like a slipery slope. I could easily say I need more money for designer suits and shoes for law school.
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Re: Student loan for a car?
« Reply #4 on: March 26, 2007, 04:06:17 PM »
i can see that.  i would talk to financial aid though.  most will include cost of a computer.  and if you're like me and coming from a city and don't have a car, i don't have money to buy a car right now, and unless payments are covered under transportation/expenses to and from school, i really don't know what i'm going to do.

this isn't like a designer suit where if i need a suit for interviews i could scrimp on food for a few weeks.  car payments and insurance are expensive.  and if its neccesary to attend the school, i think it should be included in the amount you can borrow.

Kitty782

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Re: Student loan for a car?
« Reply #5 on: March 26, 2007, 04:09:47 PM »
At all of the financial aid meetings I've attended, the financial aid people specifically state that COA (which is the total amount you can get student loans for--both GradPLUS and private) does not include car payments/insurance.  I believe you would have to take a private non-deferrable loan out for this.
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barenakedtjm

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Re: Student loan for a car?
« Reply #6 on: March 26, 2007, 04:37:07 PM »
I know my dad would be willing to co-sign the loan, but I don't know how I'd make payments for the three years I'm in school because I don't want to work while I'm taking classes.  Oh well, hopefully my old Honda will last me three more years.

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Re: Student loan for a car?
« Reply #7 on: March 26, 2007, 05:25:09 PM »
If you really look around you could get a car for 1000-2000 bucks just to get you back and forth to school. I'm sure you'd like something a bit nicer, but if you scrimp you might not need to dip too far into your loans.
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queencruella

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Re: Student loan for a car?
« Reply #8 on: March 26, 2007, 05:55:21 PM »
I'd just stick with the old Honda unless it has serious problems now and is going to cost you more per year than monthly car payments and the double interest you'll have to pay.

BeachBoy

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Re: Student loan for a car?
« Reply #9 on: March 30, 2007, 12:35:25 PM »
If you come up with a compelling reason, the financial aid office can up your personal expense budget and you can get yourself a nice, new, reliable Toyota Corola that'll costs about $200-300 a month depending on your credit score.  That's not bad if you find a cheap apartment that'll costs you only $700 a month.  If you can live in a less than ideal apartment but get yourself a nice ride, it's not a bad tradeoff.