messager
New member
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« on: April 19, 2008, 07:20:37 PM » |
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I got into a PhD program and will be receiving a stipend every year until I complete my degree. I'm wondering if any of you in addition to the stipend, took out a stafford loan or graduate loan. Is it possible? I'm thinking about taking out a little bit of student loan to buy a new car as soon as I start. My car is old and about to die on me!!!
Anybody have this experience?
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bewilderedta
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« Reply #1 on: April 19, 2008, 07:33:28 PM » |
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If it is possible for you to get along without a car (and it seems to be for many in my department), I'd consider this a good opportunity to considerably reduce your expenses by ditching the current one and not replacing it.
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concordancia
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« Reply #2 on: April 19, 2008, 07:39:07 PM » |
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I did it. And I will be crying every month for the rest of my life. Honestly, if I were to pay only the minimum on my loan, it is conceivable that I would combine my pay off party with my retirement party. And for the record, I was one of the more financially responsible in my group (it helps that I don't drink much - to me, those who complained about their finances with a beet in their hand made as much sense as ordering a diet coke with your supersize fires). Cut costs wherever you can and only think of loans as a last resort.
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I like money. I like to buy stuff and experiences with money.
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hollow_man
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« Reply #3 on: April 19, 2008, 08:33:54 PM » |
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I took out a relatively small loan in addition to my stipend one year to help cover living expenses when my wife had our baby and only worked half-time. It was worth it. I haven't even started paying it off yet, though.
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"Suffer no thirst in the presence of beer!" -- Inscription of Nebnetjeru
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messager
New member
Posts: 41
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« Reply #4 on: April 19, 2008, 11:19:57 PM » |
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I was actually thinking about taking $8000 that will bring my total loan to $27000 for both my undergrad and grad. My stipend will be enough to cover my expenses and allow me to pay some of the loan altough I'm not required. The city I'm going to is small and not having a car will not allow me to go around. My rotation are at different part of the city and winter will killed me there without a car. What is actually the process of doing that?
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dr_prephd
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« Reply #5 on: April 21, 2008, 12:53:37 PM » |
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Fill out the FAFSA, contact your school's financial aid department, and it's usually pretty automatic at most schools.
The good thing about Stafford Loans is that they have low interest rates. There are limits on what you can use the funds, for, though, so be careful.
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Prephd, in all that black, you are like the anti-pink-me. Freewill is a beeyaaatch
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kitestring
Junior member
Posts: 82
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« Reply #6 on: April 21, 2008, 08:05:42 PM » |
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those who complained about their finances with a beet in their hand
This is a very funny image. |
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navelgazer
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« Reply #7 on: April 21, 2008, 08:21:05 PM » |
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If you must buy a car, getting a student loan should be just about the best way to do it. The interest rate will be lower than you'll get anywhere else.
However, don't do what so many people I know did and buy a NEW car. I don't understand why you would take out a car loan for a new car in graduate school when you can get a used Civic with low mileage for 1/2 as much. Or, as my husband discovered, a very reliable Sentra full of cigarette burns for 2500.
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dr_prephd
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« Reply #8 on: April 22, 2008, 09:49:46 AM » |
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those who complained about their finances with a beet in their hand
This is a very funny image. The price of beets is going up so much that they are now considered a luxury item in grad. school circles. I went to a beet party just last weekend. |
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Prephd, in all that black, you are like the anti-pink-me. Freewill is a beeyaaatch
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hollow_man
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« Reply #9 on: April 22, 2008, 11:07:40 AM » |
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those who complained about their finances with a beet in their hand
This is a very funny image. The price of beets is going up so much that they are now considered a luxury item in grad. school circles. I went to a beet party just last weekend. Yeah, don't get me started on my peers who would flaunt their wealth by serving borscht. |
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"Suffer no thirst in the presence of beer!" -- Inscription of Nebnetjeru
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concordancia
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« Reply #10 on: April 22, 2008, 11:09:25 AM » |
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those who complained about their finances with a beet in their hand
This is a very funny image. The price of beets is going up so much that they are now considered a luxury item in grad. school circles. I went to a beet party just last weekend. Yeah, don't get me started on my peers who would flaunt their wealth by serving borscht. Oh, the mileage y'all got out of my typo. I would try to be more careful, but it wouldn't be as fun. |
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I like money. I like to buy stuff and experiences with money.
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kiana
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« Reply #11 on: April 22, 2008, 10:47:24 PM » |
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I eat beets all the time!
And also, $2500? I've never owned a car that cost over $1000 in my life. :) I'm also very helpful when my friends call asking for emergency 'come get me, my car died' as it could happen to me!
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If you're not part of the solution, you're part of the precipitate.
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margarete
Getting her PhD from Whatsamatta U
Member
Posts: 202
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« Reply #12 on: April 22, 2008, 11:07:53 PM » |
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Just don't get such a junker that it will die quickly or cost you a fortune in repairs. Been there, done that. :( My current car cost around $3500 and I've had it for three years. 157K and not about to die anytime soon.
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messager
New member
Posts: 41
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« Reply #13 on: April 23, 2008, 10:57:26 PM » |
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wow no junky. I want a car that will hold of for 5 to 6 years. The one I have is pretty old now. Bought it when I started undergrad. Kept it until now.
I just call the school and they told me it is possible to do so. They don't care about the stipend.
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litcrittr82
Only a grad. student but somehow a
Senior member
Posts: 361
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« Reply #14 on: April 24, 2008, 12:32:07 PM » |
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I may be stating the obvious, but nonetheless:
I'm not sure how precisely you'll work out the financing, but I would absolutely avoid making car payments with student loan funds. If you're going to take out a loan for the car, make sure you put it all down to reduce monthly payments (and further interest charges on the loan money), and make the remaining monthly payments out of your stipend. That way you're not leveraging so much by paying interest on a financed monthly car payment with money that you'll be paying more interest on top of in the future. I've known a few not-so-money-savvy classmates to leverage beyond their means, sometimes making car or loan payments with credit cards, and they're not doing so well in the wallet these days.
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