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Author Topic: Student loans  (Read 664 times)

Offline QuDDus
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Student loans
« on: March 24, 2004, 04:58:47 PM »
Shit I owe a little just took out some to pay for extra class.

Thinking of taking out more to buy me some shit. They said I can get 5k now. And more in the summer time.

 I know you have to pay it back once you get out of school.

Shit I am going to be in school for the next 6 years. And what if I never live to ever pay the money back? Shit anything could happen.

I talk to one of my professors about it. He said he took out 60k to pay for his education. Says he pays 600 a month but makes 160k so he said it was worth it for him.

 I don\'t plain on taking out nearly that much. But I will take out some.

Your thought good or bad?
« Last Edit: March 24, 2004, 05:01:16 PM by QuDDus »
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Offline videoholic

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« Reply #1 on: March 24, 2004, 06:16:41 PM »
You think that if you die they just say, "Oh well.  Too bad we didn\'t get our money."????

That is what life insurance is for.  Or if you don\'t have insurance, it\'s what your parents or spouse will get nailed with.


DO NOT take loans to buy shit..

We are paying 24k of my wife\'s student loans and she will be the first to tell you she drank a lot of it.

Our payment is 264 a month.   We pay more to get it paid off faster.

It is a right off, but not much of one.


If you need it to pay for school, that\'s one thing, but to as you said it, "buy me some shit."  you will regret it big time when you are out in the work force.

If you are definitely going to make a ton of cash, then big whoop.  

600 a month is 7200 a year.  That\'s quite a chunk of change if you are just taking out the loan to buy a car stereo and CDs.
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Offline QuDDus
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« Reply #2 on: March 24, 2004, 06:44:38 PM »
So your saying if you die that they take the money out of your life insurance?

Yeah I don\'t know much about it thats why I am asking. The more I know the more I am leaning towards not doing it.

Just to buy somethings doesn\'t seems like it will be worth it.  I\'ll see whatelse develops from this before I decide.
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Offline FatalXception
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« Reply #3 on: March 24, 2004, 06:49:48 PM »
If you have life insurance, any debts you owe will be paid out of that first, and whatever remains to your inheritor (no life insurance = debts passed on).

Most loans/lines of credit come with a cheap optional life insurance, like 3-15c per month per 1000 dollars or such, and the debt is paid if you die.
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Offline Living-In-Clip

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« Reply #4 on: March 24, 2004, 07:06:22 PM »
I\'ve heard some dumb idea\'s, but one of the dumbest is taking out a student loan to just pay stuff - in hopes you either (1) don\'t live long enough to pay it off or (2) get a really good job and will be able to pay it off with ease. However, the chances are more likely that you won\'t get your idea job, at least not for awhile and those student loans will be killing your monthly income that could be used for useful things.
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Offline videoholic

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« Reply #5 on: March 24, 2004, 07:42:52 PM »
the only reason I would even hesitate getting a student loan if I didn\'t need one is to invest.

If you have the money for education, you could invest that and get the loan.  Since you don\'t have to begin paying the loan till your out of college, you could I guess in theory get free money to invest with.

But you could also lose your ass and there are probably other things involved I don\'t know about.   Like I said, I never took out a loan.  I\'m just paying for one.


And why on earth is your professor telling you how much he makes?
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Offline QuDDus
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« Reply #6 on: March 24, 2004, 07:45:02 PM »
Quote
Originally posted by Living-In-Clip
I\'ve heard some dumb idea\'s, but one of the dumbest is taking out a student loan to just pay stuff - in hopes you either (1) don\'t live long enough to pay it off or (2) get a really good job and will be able to pay it off with ease. However, the chances are more likely that you won\'t get your idea job, at least not for awhile and those student loans will be killing your monthly income that could be used for useful things.


I wasn\'t thinking of getting one as hopes to die so I won\'t pay it off.

I was thinking of taking one  to help me  get something I wanted that I don\'t have the full amount in cash for now.

My teacher told me it\'s better to take out a loan than charge it too your credit card because you don\'t have to pay the interest back on it .

I was just wondering how does repayment go after you\'ve takin out all these loans.  And I have heard some reason why not too I was just saying what if you die before you have to pay it back.
« Last Edit: March 24, 2004, 07:46:33 PM by QuDDus »
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Offline QuDDus
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« Reply #7 on: March 24, 2004, 07:48:56 PM »
Quote
Originally posted by videoholic

And why on earth is your professor telling you how much he makes?


I dunno the guy is one of those old guys who thinks he is still hip.

He is divorced. So he tries to be cool with a lot of his students.
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Offline videoholic

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« Reply #8 on: March 24, 2004, 07:51:05 PM »
After you graduate you have a period of a couple of years where you have to pay little or nothing back.  It\'s very small.  Then it progressivly becomes more and more as you are further and further into the workforce and hopefully making more money.

You can right off the interest on the student loan if you make up to a certain amount.  I think they just raised the amount.  I am probably wrong, but I think it is somewhere around 130 grand household.  I pay someone to do my taxes, so I really don\'t pay attention as much as I should.


I\'m afraid to ask what you are planning on buying.
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Offline QuDDus
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« Reply #9 on: March 24, 2004, 07:58:56 PM »
I am not buying nothing yet Vid I am just talking about future things . I will soon be moving into my own apartment with my best bud. So I wanted to buy a really nice tv and entertainment system and some other things.

So I was just wonder should I take out a loan to get some things.

My teach told me the interest is only 3% on the loans.

just trying to get all the facts before i make a decision.
« Last Edit: March 24, 2004, 08:03:29 PM by QuDDus »
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Offline Living-In-Clip

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« Reply #10 on: March 24, 2004, 08:57:27 PM »
Go ahead and do it. You\'ll enjoy it for awhile, few years down the road you\'ll regret it and you will have learned a lesson. So, by all means, go ahead and do it.
:)
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Offline QuDDus
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« Reply #11 on: March 24, 2004, 09:10:06 PM »
Quote
Originally posted by Living-In-Clip
Go ahead and do it. You\'ll enjoy it for awhile, few years down the road you\'ll regret it and you will have learned a lesson. So, by all means, go ahead and do it.
:)


LOL :laughing:  I see where your going.

But isn\'t that part of life though
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Offline Living-In-Clip

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« Reply #12 on: March 24, 2004, 09:13:59 PM »
Quote
Originally posted by QuDDus
LOL :laughing:  I see where your going.

But isn\'t that part of life though



Exactly. I wasn\'t trying to be a smartass, though I may of came off as one, instead I was saying the best way to live is, live and learn. I know I\'ve done it - hell I\'m doing it now with a $483 car payment.
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Offline Cyrus
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« Reply #13 on: March 24, 2004, 09:49:27 PM »
smart people live life by learning from mistakes they made and ones that OTHERS have made also.......

No freaking reason do go and duplicate other peoples stupid mistakes thats all I\'m saying. Besides I think "stuff" means your gonna go blow it on a bunch of whores at a titty club just to come back and find out the world really didnt get destroyed so now guetto want you to work the money off that you owe by doing gay pornos.
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Offline Cyrus
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« Reply #14 on: March 24, 2004, 09:50:57 PM »
Quote
Originally posted by Living-In-Clip
Exactly. I wasn\'t trying to be a smartass, though I may of came off as one, instead I was saying the best way to live is, live and learn. I know I\'ve done it - hell I\'m doing it now with a $483 car payment.


Oh and LIC most smartasses are just born smartasses never have I meet one that acutally tried.
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