What would you do if you were still a student???
#21
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dchengmd
To say that is very very bad advice I take acception. You should obviously be able to see the difference b/w credit card debt and school loans. I have no cc debt and unlike yourself have been fiscally responsible throughout medical school, but my point is that using a few extra grand of student loan money to subsidize the additional cost he needs for the Z would change the payments of student loan repayment by maybe twenty bucks when spread over 30 years. Did I say go out and charge the cost on a credit card? Heck no. By all means dont do that. But with current Federeal loan interest rate of 2.5% its hard to argue a slight amount to keep your sanity.
FormulaRx
As an aside I by no means lived extremely frugally but also did not go all out. Try to keep a happy balance. Thats what I did and would change it for the world. Being AOA and getting to pick a great residency is in large part because I kept my sanity. Do everything you can to stay balanced.
To say that is very very bad advice I take acception. You should obviously be able to see the difference b/w credit card debt and school loans. I have no cc debt and unlike yourself have been fiscally responsible throughout medical school, but my point is that using a few extra grand of student loan money to subsidize the additional cost he needs for the Z would change the payments of student loan repayment by maybe twenty bucks when spread over 30 years. Did I say go out and charge the cost on a credit card? Heck no. By all means dont do that. But with current Federeal loan interest rate of 2.5% its hard to argue a slight amount to keep your sanity.
FormulaRx
As an aside I by no means lived extremely frugally but also did not go all out. Try to keep a happy balance. Thats what I did and would change it for the world. Being AOA and getting to pick a great residency is in large part because I kept my sanity. Do everything you can to stay balanced.
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dchengmd
Oh by the way interests rates will stay low this and will probably decrease as they are based on the 30 day T-bill which is continuing to decrease and election years typically have little affect on the T-bill.
Oh by the way interests rates will stay low this and will probably decrease as they are based on the 30 day T-bill which is continuing to decrease and election years typically have little affect on the T-bill.
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Originally posted by FormulaRX
Modding cars, racing cars, attending car shows have been my hobby since I was 8 years old (ok not racing cars cuz I couldn't drive yet) but anyway, to the point...I have always enjoyed powerful cars but never had the money to buy them. I know how to drive well and consider myself a more than average driver because I have owned and raced several fairly inexpensive front drive cars that I have modded with stiff suspension for track racing. But I'm sick of playing around with these little "cheap toys" if you want to call it that. I have an appreciation for rear wheel drive powerful cars and have always wanted to own a real sports car so the 350Z was naturally my choice due to it's performance and relatively affordable price at 28K cuz I'm considering Enthusiast model.
The problem is that I am still a student and have no job but I really would give anything to own this car because I just enjoy driving powerful cars and would love to see this in my driveway everyday. I graduated from undergrad already and am currently in my first year of medical school, which will get me into so much debt by the time I am done that I figured I might as well enjoy myself now while I have the chance.
I have a 1998 VW Golf right now that I can sell and also an old CRX track car that I can probably get a few grand for. I also have a few grand saved up and can use my student loans if I wanted too...so the question is should I sell my cars and pay the difference to get the 350Z now while I'm still a struggling medical student? Or should I wait until I graduate to buy one...look at it more like the pot of gold at the end of the rainbow so to speak...like a reward after I'm all done? Cuz I don't really know about buying this car if I can barely afford it at the moment but I would love to be able to enjoy this car other than to just visit forums and watch other people talk about how cool it is to own it. What would you do? Part of me wants to get it now but a bigger part of me wants to wait like I have been waiting. And I also don't want to be like some of my friends who had their parents buy it for them cuz I'm 23 and I believe that it's not fair to depend on your parents for everything. Thanks guys.
Modding cars, racing cars, attending car shows have been my hobby since I was 8 years old (ok not racing cars cuz I couldn't drive yet) but anyway, to the point...I have always enjoyed powerful cars but never had the money to buy them. I know how to drive well and consider myself a more than average driver because I have owned and raced several fairly inexpensive front drive cars that I have modded with stiff suspension for track racing. But I'm sick of playing around with these little "cheap toys" if you want to call it that. I have an appreciation for rear wheel drive powerful cars and have always wanted to own a real sports car so the 350Z was naturally my choice due to it's performance and relatively affordable price at 28K cuz I'm considering Enthusiast model.
The problem is that I am still a student and have no job but I really would give anything to own this car because I just enjoy driving powerful cars and would love to see this in my driveway everyday. I graduated from undergrad already and am currently in my first year of medical school, which will get me into so much debt by the time I am done that I figured I might as well enjoy myself now while I have the chance.
I have a 1998 VW Golf right now that I can sell and also an old CRX track car that I can probably get a few grand for. I also have a few grand saved up and can use my student loans if I wanted too...so the question is should I sell my cars and pay the difference to get the 350Z now while I'm still a struggling medical student? Or should I wait until I graduate to buy one...look at it more like the pot of gold at the end of the rainbow so to speak...like a reward after I'm all done? Cuz I don't really know about buying this car if I can barely afford it at the moment but I would love to be able to enjoy this car other than to just visit forums and watch other people talk about how cool it is to own it. What would you do? Part of me wants to get it now but a bigger part of me wants to wait like I have been waiting. And I also don't want to be like some of my friends who had their parents buy it for them cuz I'm 23 and I believe that it's not fair to depend on your parents for everything. Thanks guys.
i'd get it...if I really wanted it that bad...if it was really going to make me happy/better person. If not I would wait...by that time the skyline, and other great cars will be offered...but like i said..."you just don't know when death is knocking on your door."
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#24
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Originally posted by A&M 350Z
dchengmd
To say that is very very bad advice I take acception. You should obviously be able to see the difference b/w credit card debt and school loans. I have no cc debt and unlike yourself have been fiscally responsible throughout medical school, but my point is that using a few extra grand of student loan money to subsidize the additional cost he needs for the Z would change the payments of student loan repayment by maybe twenty bucks when spread over 30 years.
dchengmd
To say that is very very bad advice I take acception. You should obviously be able to see the difference b/w credit card debt and school loans. I have no cc debt and unlike yourself have been fiscally responsible throughout medical school, but my point is that using a few extra grand of student loan money to subsidize the additional cost he needs for the Z would change the payments of student loan repayment by maybe twenty bucks when spread over 30 years.
Second - I'm not sure what you're advocating here, but from your statement above it sounds like you're recommending using student loan disbursements to pay for non-educations expenses like a car, which is not only ridiculously stupid, but also illegal. And where did you get the notion that it's just a 'few extra grand'? The last I saw, the minimum price of a 350Z was at least $26,000. That is a LOT to tack on to an existing loan of $50,000 or more, and like I said, you're committing fraud if you do so anyway.
Did I say go out and charge the cost on a credit card? Heck no. By all means dont do that. But with current Federeal loan interest rate of 2.5% its hard to argue a slight amount to keep your sanity.
As an aside I by no means lived extremely frugally but also did not go all out. Try to keep a happy balance. Thats what I did and would change it for the world. Being AOA and getting to pick a great residency is in large part because I kept my sanity. Do everything you can to stay balanced.
You're AOA, good for you. Congratulations. But if you're advocating using educational loan money to buy a car, then it's painfully obvious that you need more education in ethics.
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Originally posted by A&M 350Z
dchengmd
Oh by the way interests rates will stay low this and will probably decrease as they are based on the 30 day T-bill which is continuing to decrease and election years typically have little affect on the T-bill.
dchengmd
Oh by the way interests rates will stay low this and will probably decrease as they are based on the 30 day T-bill which is continuing to decrease and election years typically have little affect on the T-bill.
How exactly are interest rates going to keep going down when they're already as close to zero as we can possibly go? Also, T-bills are not the only determinant of interest rates. Show us some sources for your information, please.
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You are correct it is illegal to use loan money to buy a car. I am not saying he should take out an extra 30 grand for a car. But it is not illegal to use loan money for ordinary living expensives (including transportation expenses) like you yourself said. If he was to sell his two cars and use that and the money he has saved his payments maybe low. Another consideration is to lease the car, which has its inherent advantages and disadvantages.
The 2.5% obviously is student loan interest. Any yes that is precisely how it is determined. The following is from Sallie Mae. Look it up.
"Interest rate:
During in-school, grace or deferment, rate based on 91 day T-bill rate + 1.70%.
During repayment periods, based on 91 day T-bill + 2.30%.
Capped at 8.25%.
Here is the link http://www.salliemae.com/apply/borrowing/stafford.html
Sorry if I implied you were irresponsible financially but we must each determine our own comfort level with debt. It was you who said you charged 10 grand on CC debt. If it was for ordinary living then you could have easily got that covered with student loan money. That is totally legal.
The 2.5% obviously is student loan interest. Any yes that is precisely how it is determined. The following is from Sallie Mae. Look it up.
"Interest rate:
During in-school, grace or deferment, rate based on 91 day T-bill rate + 1.70%.
During repayment periods, based on 91 day T-bill + 2.30%.
Capped at 8.25%.
Here is the link http://www.salliemae.com/apply/borrowing/stafford.html
Sorry if I implied you were irresponsible financially but we must each determine our own comfort level with debt. It was you who said you charged 10 grand on CC debt. If it was for ordinary living then you could have easily got that covered with student loan money. That is totally legal.
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heres a link to the T-bill forcast:
http://www.forecasts.org/3mT.htm
You will see it is low and is trending that away. It has not increased much over the last 6 months. Some interest rates are not soley depedent on the t-bill BUT student loan interest rates ARE.
http://www.forecasts.org/3mT.htm
You will see it is low and is trending that away. It has not increased much over the last 6 months. Some interest rates are not soley depedent on the t-bill BUT student loan interest rates ARE.
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Originally posted by A&M 350Z
You are correct it is illegal to use loan money to buy a car. I am not saying he should take out an extra 30 grand for a car. But it is not illegal to use loan money for ordinary living expensives (including transportation expenses) like you yourself said.
You are correct it is illegal to use loan money to buy a car. I am not saying he should take out an extra 30 grand for a car. But it is not illegal to use loan money for ordinary living expensives (including transportation expenses) like you yourself said.
Using the money you are given to pay or subsidize your tuition for other purposes is a serious abuse of the educational loan system. Just because you are given this money doesn't mean you are entitled to use it to help you purchase a new car, house, computer, or anything else. Give Sallie Mae a call and ask them yourself if you like.
The 2.5% obviously is student loan interest. Any yes that is precisely how it is determined. The following is from Sallie Mae. Look it up.
"Interest rate:
During in-school, grace or deferment, rate based on 91 day T-bill rate + 1.70%.
During repayment periods, based on 91 day T-bill + 2.30%.
Capped at 8.25%.
During in-school, grace or deferment, rate based on 91 day T-bill rate + 1.70%.
During repayment periods, based on 91 day T-bill + 2.30%.
Capped at 8.25%.
[QUOTE]Here is the link http://www.salliemae.com/apply/borrowing/stafford.html/QUOTE]
This link says absolutely NOTHING about what this money can be used for - mainly because it assumes that you're taking out these loans to PAY FOR SCHOOL. Not for anything else.
Sorry if I implied you were irresponsible financially but we must each determine our own comfort level with debt. It was you who said you charged 10 grand on CC debt. If it was for ordinary living then you could have easily got that covered with student loan money. That is totally legal.
If not - then what's the distinction between that and buying a Z or an Accord or a Civic? And who makes that distinction? Face it - your reasoning above is flawed, and what you are suggesting is tantamount to fraud. Prove me wrong by showing me educational loan terms stating otherwise.
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You may want to take into consideration that you may not get thru school....I wouldn't dig a hole you can't get out of. Not to be mean or anything, but you could:
fail out
get in an accident in your Z
You would then be stuck with a Z payment while trying to figure things out. Not a good position to be in at all.
You're a young student, you don't need a 30k car. You'll get more respect driving a paid off vehicle...trust me. When you get out, as it has been stated, you'll be able to get a whole load of cars, and the Z will be revamped by then. You can thank me later if you hold off.
I drove an old Explorer thru school...worth not having extra payments or being stuck with a 96 Mustang Cobra (the car I wanted back then). Think about that!
fail out
get in an accident in your Z
You would then be stuck with a Z payment while trying to figure things out. Not a good position to be in at all.
You're a young student, you don't need a 30k car. You'll get more respect driving a paid off vehicle...trust me. When you get out, as it has been stated, you'll be able to get a whole load of cars, and the Z will be revamped by then. You can thank me later if you hold off.
I drove an old Explorer thru school...worth not having extra payments or being stuck with a 96 Mustang Cobra (the car I wanted back then). Think about that!
#31
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Not to drag on the discussion but just to clarify for those who may be going to college or graduate school. School cost is divided into direct and indirect costs. Direct being tuition and fees, indirect meaning costs incurred since you are not working. The loans you are speaking of are subsidized but not all federal loans are subsidized. There are unsub federal loans with the same interest rate. If Stafford loans are for tuition only then how come my tuition is only 6500/yr but total average indebtness at my school is 80,000 worth of stafford loans. You should check out what federal money can be used for, basically anything defined as cost of attendace. For him to pay for a Z with only federal aid would be wrong, but he said he is going to pay for a portion of it. Plus its not like somebody is getting turned down for aid because he took it. Anybody who is eligible gets federal loans.
Plus if you did not use any loan money to live on in school while living in Chicago then I dont know how you got by. I doubt anybody could work through medical school. I would of had to live on the streets if I did not use financial aid to live on.
"Cost of Attendance
(COA) The total amount it will cost a student to go to school—usually expressed as a yearly figure. It’s determined using rules established by law. The COA includes tuition and fees; on-campus room and board (or a housing and food allowance for off-campus students); and allowances for books, supplies, TRANSPORTATION, loan fees, and, if applicable, dependent care; costs related to a disability; and miscellaneous expenses, including an allowance for the rental or purchase of a personal computer. Also included are reasonable costs for eligible study-abroad programs. For students attending less than half time,* the COA includes only tuition and fees and an allowance for books, supplies, transportation, and dependent- care expenses. Talk to the financial aid administrator at the school you’re planning to attend if you have any unusual expenses that might affect your cost of attendance. "
Direct costs: Charges established by the college: tuition, room, and board (on-campus student housing and meals).
Indirect costs: Expenses controlled to some degree by the student; personal expenses, books, and transportation. Your college may be able to provide guidelines on typical indirect expenses at their campus.
Check out: http://www.studentaid.ed.gov/student...tant-terms.htm
or call sally mae. I can 100% guarantee I am correct.
Plus if you did not use any loan money to live on in school while living in Chicago then I dont know how you got by. I doubt anybody could work through medical school. I would of had to live on the streets if I did not use financial aid to live on.
"Cost of Attendance
(COA) The total amount it will cost a student to go to school—usually expressed as a yearly figure. It’s determined using rules established by law. The COA includes tuition and fees; on-campus room and board (or a housing and food allowance for off-campus students); and allowances for books, supplies, TRANSPORTATION, loan fees, and, if applicable, dependent care; costs related to a disability; and miscellaneous expenses, including an allowance for the rental or purchase of a personal computer. Also included are reasonable costs for eligible study-abroad programs. For students attending less than half time,* the COA includes only tuition and fees and an allowance for books, supplies, transportation, and dependent- care expenses. Talk to the financial aid administrator at the school you’re planning to attend if you have any unusual expenses that might affect your cost of attendance. "
Direct costs: Charges established by the college: tuition, room, and board (on-campus student housing and meals).
Indirect costs: Expenses controlled to some degree by the student; personal expenses, books, and transportation. Your college may be able to provide guidelines on typical indirect expenses at their campus.
Check out: http://www.studentaid.ed.gov/student...tant-terms.htm
or call sally mae. I can 100% guarantee I am correct.
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Originally posted by A&M 350Z
Not to drag on the discussion but just to clarify for those who may be going to college or graduate school. School cost is divided into direct and indirect costs. Direct being tuition and fees, indirect meaning costs incurred since you are not working. The loans you are speaking of are subsidized but not all federal loans are subsidized. There are unsub federal loans with the same interest rate. If Stafford loans are for tuition only then how come my tuition is only 6500/yr but total average indebtness at my school is 80,000 worth of stafford loans. You should check out what federal money can be used for, basically anything defined as cost of attendace. For him to pay for a Z with only federal aid would be wrong, but he said he is going to pay for a portion of it. Plus its not like somebody is getting turned down for aid because he took it. Anybody who is eligible gets federal loans.
Not to drag on the discussion but just to clarify for those who may be going to college or graduate school. School cost is divided into direct and indirect costs. Direct being tuition and fees, indirect meaning costs incurred since you are not working. The loans you are speaking of are subsidized but not all federal loans are subsidized. There are unsub federal loans with the same interest rate. If Stafford loans are for tuition only then how come my tuition is only 6500/yr but total average indebtness at my school is 80,000 worth of stafford loans. You should check out what federal money can be used for, basically anything defined as cost of attendace. For him to pay for a Z with only federal aid would be wrong, but he said he is going to pay for a portion of it. Plus its not like somebody is getting turned down for aid because he took it. Anybody who is eligible gets federal loans.
So if I put $10,000 down on a Ferrari, I should be entitled to use my student loans to pay for the rest? And if not, why not?
Plus if you did not use any loan money to live on in school while living in Chicago then I dont know how you got by. I doubt anybody could work through medical school. I would of had to live on the streets if I did not use financial aid to live on.
"Cost of Attendance
(COA) The total amount it will cost a student to go to school—usually expressed as a yearly figure. It’s determined using rules established by law. The COA includes tuition and fees; on-campus room and board (or a housing and food allowance for off-campus students); and allowances for books, supplies, TRANSPORTATION, loan fees, and, if applicable, dependent care; costs related to a disability; and miscellaneous expenses, including an allowance for the rental or purchase of a personal computer.
(COA) The total amount it will cost a student to go to school—usually expressed as a yearly figure. It’s determined using rules established by law. The COA includes tuition and fees; on-campus room and board (or a housing and food allowance for off-campus students); and allowances for books, supplies, TRANSPORTATION, loan fees, and, if applicable, dependent care; costs related to a disability; and miscellaneous expenses, including an allowance for the rental or purchase of a personal computer.
I'm sorry, but nobody NEEDS to drive a brand new $30000 sports car as a medical student or otherwise. And using any portion of a student loan to do it and then to try to justify it as "necessary transportation" is downright foolhardy and unethical to say the least.
Like I said before, I stand by my statement and repeat that your advice is truly poor. Besides, if you are that financially insolvent as to require $50000+ in loans to finance your education, why in the world would you want to tap off that loan to pay for an expensive and unnecessary sports car when there are perfectly good and cheaper alternatives out there?
Your loans were not granted to you so you could enjoy life as a student. I'm surprised this even needs to be mentioned, as a normally responsible person would understand this already.
Indirect costs: Expenses controlled to some degree by the student; personal expenses, books, and transportation. Your college may be able to provide guidelines on typical indirect expenses at their campus.
or call sally mae. I can 100% guarantee I am correct.
#33
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Well regardless of our disaggreament, you should probably avoid commenting on my personal finances which you know little about. I only commented on what you disclosed, I however have not disclosed any of my financial matters. I only include what the average indebtness of my school not myself. My situation is quite different if we must get into it. I certainly dont appreciate any accusations of my defrauding the government because as I said before my financial situation is quite different.
Lets be gentlemen here, I apologized for your misunderstanding me by thinking I accused you of being fiscally irresponisble. If you really wish to continue the childish name calling. Should we start comparing board scores next?
Actually I am quite certain that most schools would agree with the below indirect costs as it taken from federal information. Many people even use financial aid to take care of their children. Not that I am condoning that either. A Ferrari is quite different than a Z. And atleast you have conceeded that other expenses besides tuition only (as you previously stated) can be used for other needs as long as considered a cost of attendance. No not purchasing a 30 grand car though.
My whole point was, like I said originally, I would not get the Z unless he is at the end of 3rd year or a 4th year. In which case he would not use 30 grand but maybe a small amount that would be considered reasonable to a prudent individual. For instance my school lists annual transportation costs for students to be around 4 grand. Something in that ballpark may help out.
Lets be gentlemen here, I apologized for your misunderstanding me by thinking I accused you of being fiscally irresponisble. If you really wish to continue the childish name calling. Should we start comparing board scores next?
Actually I am quite certain that most schools would agree with the below indirect costs as it taken from federal information. Many people even use financial aid to take care of their children. Not that I am condoning that either. A Ferrari is quite different than a Z. And atleast you have conceeded that other expenses besides tuition only (as you previously stated) can be used for other needs as long as considered a cost of attendance. No not purchasing a 30 grand car though.
My whole point was, like I said originally, I would not get the Z unless he is at the end of 3rd year or a 4th year. In which case he would not use 30 grand but maybe a small amount that would be considered reasonable to a prudent individual. For instance my school lists annual transportation costs for students to be around 4 grand. Something in that ballpark may help out.
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JEEZUS.. EVERYONE CALM DOWN. If he wants to spend his money on it, let him. AND STOP FREAKING OUT ABOUT THE LOAN MONEY!
thanks, im now off my soapbox... next.
thanks, im now off my soapbox... next.
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Originally posted by A&M 350Z
Well regardless of our disaggreament, you should probably avoid commenting on my personal finances which you know little about. I only commented on what you disclosed, I however have not disclosed any of my financial matters.
Well regardless of our disaggreament, you should probably avoid commenting on my personal finances which you know little about. I only commented on what you disclosed, I however have not disclosed any of my financial matters.
Lets be gentlemen here, I apologized for your misunderstanding me by thinking I accused you of being fiscally irresponisble. If you really wish to continue the childish name calling. Should we start comparing board scores next?
Hey, if you want to compare board scores, bring it on. Remember, this wasn't my idea.
A Ferrari is quite different than a Z. And atleast you have conceeded that other expenses besides tuition only (as you previously stated) can be used for other needs as long as considered a cost of attendance. No not purchasing a 30 grand car though.
My whole point was, like I said originally, I would not get the Z unless he is at the end of 3rd year or a 4th year. In which case he would not use 30 grand but maybe a small amount that would be considered reasonable to a prudent individual.
For instance my school lists annual transportation costs for students to be around 4 grand. Something in that ballpark may help out.
Last edited by dchengmd; 03-22-2004 at 05:42 PM.
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WOW! I never planned this post to turn into a lengthy in-depth discussion like this but it is much welcomed. I have learned a lot from you even though I originally decided before I even posted this topic on waiting until I graduate to buy a dream car...I just wanted to hear what you guys had to say about it and what was said it much appreciated. Thank you very much. I'm not stupid which is why I am not digging myself into a deeper hole by satisfying a current want of an exciting car, which will probably not be as exciting when I actually am faced with the additional payments and when I start running into problems later on. Thanks for all of the advice though!
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Originally posted by FormulaRX
WOW! I never planned this post to turn into a lengthy in-depth discussion like this but it is much welcomed. I have learned a lot from you even though I originally decided before I even posted this topic on waiting until I graduate to buy a dream car...I just wanted to hear what you guys had to say about it and what was said it much appreciated. Thank you very much. I'm not stupid which is why I am not digging myself into a deeper hole by satisfying a current want of an exciting car, which will probably not be as exciting when I actually am faced with the additional payments and when I start running into problems later on. Thanks for all of the advice though!
WOW! I never planned this post to turn into a lengthy in-depth discussion like this but it is much welcomed. I have learned a lot from you even though I originally decided before I even posted this topic on waiting until I graduate to buy a dream car...I just wanted to hear what you guys had to say about it and what was said it much appreciated. Thank you very much. I'm not stupid which is why I am not digging myself into a deeper hole by satisfying a current want of an exciting car, which will probably not be as exciting when I actually am faced with the additional payments and when I start running into problems later on. Thanks for all of the advice though!
![Big Grin](https://my350z.com/forum/images/smilies/biggrin.gif)
I mention this with only half a smirk. For any professional student (i.e. law or medical), there're some serious benefits to consider by letting Uncle Sugar pay you to go to school.
Scott
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I would (actually still a student and this is what I did), Save up your money.... Work as off you had a car payment about what the Z would cost... place that money in a savings or money market account. DON"T spend that money on anything unless it is a true emergency... Don't over work to the point that grades suffer either. When you have made enough money go buy your car... You don't get instant gradification, but you will be in good finical standing at all times and will not be at risk of falling behind on a car payment and you can avoid going in to Credit card debt trying to buy mods for the car... much better that way.. might miss a little fun at first, but it is far more enjoyable to drive a car that you actually own! The sooner that you get in the habit of saving money and controlling your spending (not saying that you are not already) the sooner that you can start enjoying what you own rather then stressing out on what you owe, or how you are going to pay for everything...
I am working on a way to save for a new (well new to me
) 4runner in a few years... my "beater" (well compared to my Z), a 94 4runner with 161,000+miles is not going last amore then a few more years before it is going to need some significat work on it at 30,000+ miles a year that I put on it
I am working on a way to save for a new (well new to me
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