I frequent another message board as we all do. There was this post and I want your feed back. This kid claims “Well I have added an extra $5000 on to my student loan at a whopping 3%. This is extra money for my car and labor.”


He wants to know what he should spend it on to make his car fast. So I tell him don’t waste it modding your car. Someone else can really use that money and so on. What are your opinions?

Do you think it is right to use financial aid to mod your car?

How would you like to see a kid who did not need the money take it and dump it into his Z well your struggling to pay your way though. Sound fair?


I look at it like this; that 5K could make the difference for some other kid who really needs it, but won’t get it because Mr. JO here gets it and blows it on his car. This car can be totaled, stolen, ect and he has nothing for it and we the working class pay so he can get a good rate on his student loan to modd his car.

Now if he said I got 5K extra in student loans, what is the best way to save it incase I need it this semester or next semester that to me shows more intelligence and seems like the smart thing to do.

 

well my first thought was that it's a loan...he still has to pay it back.

as opposed to a grant which he doesn't and are a bit more competitive to get.

loans are given out ALOT...and i knew many people who used them for things other than actual school. mostly apartment, furnature, and even spring break.

i agree it probably isn't the smartest thing for him to do.

but i guess i don't have too much problem with it.

although i didn't get ANY loans for school, besides the scholarship they offered BEFORE i even applied. so i don't know how it all works.

 

It's a LOAN, why are you sweating this guy? Loans are pretty much unlimited. It's not a scholarship where there is a limited amount of money.

I did the same thing sort of. I used excess money I got from a student loan to pay off my 94 Z (2.6% interest vs. 11%). It's actually a very smart thing to do (especially if you pay the student loan off early by paying the same thing you would be paying on the car).

As far as using it to mod his car, it's a LOT smarter than using a credit card like a lot of guys do.

 

using a loan to modify a car that depreciates in value as much as an f-body does is completly retarded

 

No, getting a wothless UCF degree with a loan is retarded !

(B.A. in Pre-Law/Political Science)

 

yes, i think that every time i enter a UCF math department class

 

I don't know... $5k is a decetn chunk of chagne to take out a loan for just mods... I could see $1k. And I know others who take out loans not so much for school but everything else in there lives and they live a little bit extravageant lives...

example, friend of mine she is nice, lives a little nicer then me eats out a decent amount... but she also has $22k in loans for UCF... she graduated and is in grad school.

Recently I have been thinking of a loan. Just bills are killing me this semeseter, I think I am working too much, focusing too little on classes, my bank accounts are looking bad at the moment, though my credit card is paid off, and I still have yet to take out a loan. This car is killing me. Sometimes I wonder if its worth having to worry my car won't start in the morning, no 2nd gear, no radio, to have the extra ~$300 a month

 

and how much did those new wheels/rims cost?

 

Actually not as bad as one owuld think $500 over if I just replaced my current tires(which needed to be replace rims were $400, and tires were about $20 a piece more for bigger size) BUt difference is I new I already had $500 budgeted for any car I was going to buy just for plugs wires, fluids, partial emergency... And I made more money then expected since I am not in school adn working full time over christmas so had some money to blow


I had been saving for the rims since the day I bought the car in November and got them in mid january.


I won't be bitching if I could work more, its just school and work is waht kills me. If you wanna get on my *** about blowing money, entrance fees for the track, I spent maybe $150 or so just going to the track, since it opened this year. Hence why I am not going to the track probably never again in this car Or really buying many more mods...

Still wanna do tailights though

 

your too late, my car looks as if its sold... no money in hand yet, but soon hopefully...

 

didn't say I wanted yours just looking to find a pair used

I still wanna keep my originals. My car is going to be stocker then it was from the factory when I sell it

btw just mailed out my CAI, made ~$18 off of it


reminds me got some stuff to list on ebay...

 

i'm actually thinking about taking out a $5000 student loan this summer to do an engine swap. i don't see anything wrong w/ it since i'll be paying it back. its just a loan, they're not giving me the money. if the guy wants to mod his car w/ the money let him do it.

 

Loans are just what they state, a loan you'd be paying back. They are given out to anyone that applies and qualifies, so I dont see anythign wrong with using it for personal needs. I think its a smart thing to do instead of paying 15% and up on credit cards.

 

Think of what the extra $300 per month will do to your lifestyle. The two of you could eat out an extra 15 times per month at an average of $20 per, buy a set of tires every other month or perhaps the smartest is to bank it. Been there done that. That's why the g/f is driving your old one at the moment. Cheap transportation in college is all most need. If I didn't count the chrome wheels, it only took roughly $450 to fix the car (except the radio.... not done yet) and she's put 3K miles on it already. Yeah we all like to drive better stuff, but I've come to be pretty thrifty having been there.

 

Think of what the extra $300 per month will do to your lifestyle. The two of you could eat out an extra 15 times per month at an average of $20 per, buy a set of tires every other month or perhaps the smartest is to bank it. Been there done that. That's why the g/f is driving your old one at the moment. Cheap transportation in college is all most need. If I didn't count the chrome wheels, it only took roughly $450 to fix the car (except the radio.... not done yet) and she's put 3K miles on it already. Yeah we all like to drive better stuff, but I've come to be pretty thrifty having been there.