Student Loan for sugery?

[Rampage31]

Just curious on people thoughts or if anybody has done it. I can get $2700 unsubidized and another $2700 subidized which would be enough to cover it.  I wouldn't have to pay it back until 6 months after graduating and I still would have enough to cover all college costs with my pell grant. 

What ya think? Bad Idea?

[mannyman742]

If you aren't bogged down by other loans and bad debt, I'd say do this 100%.  This is something I wish I did while in college.  I had no student loans, but I wasn't set on getting surgery until recently...and now getting a straight up loan or a medical loan is nearly impossible right now given my credit card history and economy.
If you dont have too many other student loans then the payments for that amount after you graduate won't be too much of a hassle, that is, if you manage to get gainfully employed soon after.

[Grandpa Bambu]

If you dont have too many other student loans then the payments for that amount after you graduate won't be too much of a hassle, that is, if you manage to get gainfully employed soon after.

Agreed!

However, what happens if you don't get a job and you default...  bad credit rating.... hello... 

Personally, I'd go for it... and made sure that I found a job...anything. You do not want to default dude.

GB

[Rampage31]

My credit is bad already so that is not a problem, lol. I don't owe anything in loans. I will be a junior and this would be the only money I owe. This would be a federal loan so It is not optional to pay back, the government would come after me. I am a nursing major and most of the grads are set with jobs before graduation.  My loan sheet shows it would be only about 60 bucks a month after graduating. That is not bad at all.  I have tried to discuss this with my family but they really don't want to hear it. You guys know the stuff they say,"you don't need it and all that".  I think I may just go for it. I could have it done spring break and perhaps be healed up in time to hit the beach in late July.

[PSC0002]

Well, generally I'd suggest NOT getting a loan whenever possible.  But I take it in your case, like many of us, this is not an option. 

A student loan may be a good idea.  Especially if you have excessive credit card debt or high interest rates.  Student loans - imo - are often viewed as "good debt".  Whereas credit cards and the like are "bad debt".  They're kind of like a mortgage.  They have fixed amounts and fixed payments over a fixed period of time.  So you can't add to your debt like a credit card, and your payments should stay the same over time. 

You should consider first though -
- What is the interest rate?  (Interest rates are at historical lows - if you can get them)  Check and make sure it's at least somewhat competitive. 

- Is the interest rate fixed?  (I'm assuming it is a federal student loan, so it should be.  But don't take my word for it - CHECK!)

- When does interest begin to accrue?  (Some student loans begin to charge intrest immediately, while others defer it to when you graduate. )

With the current Nursing job market, you will surely have little trouble finding a job.  Just make sure you graduate!! 

Oh and as for paying it off - Like I said, in my opinion student loans are not particularly bad.  Given the opprotunity, pay off all your other debts first.  Credit Cards, car loans, other lines of credit have a far greater negative effect on FICO scores.  Plus their interest is compounding.

So - if there's no other way to pay - this might be a good option for you.  The problem many people get into is using student loans to finance a lifestyle above their means.  You MUST spend the money on SURGERY and ONLY SURGERY.  And don't get another loan just because you can. 

BTW, I am not a financial adviser or professional. 

[Grandpa Bambu]

Great advice PSC!

If one has to take out a loan for G surgery then so-be-it. It's an investment in the sufferer's future. But like you mentioned, the borrower must do his homework in regard to the lending terms... interest rate, fixed/variable, monthly payment... etc... etc...  it's all common sense really...

GB

[booty_frijoles]

Genius, genius idea!

Basically all my college expenses are being covered by my state's Hope Scholarship and I also receive Pell Grant.

Using a student loan would be a great way to pay for it; in my opinion, if you have no other way this is a GREAT idea! I just may do it myself since the semester just ended. I could get the loans by January and have the surgery sometime very soon.

Any more feedback from the OP and others would be great, I'd love to hear what the rest of you all think.

[Grandpa Bambu]

Aren't school loans supposed to be for school related things?

Are you able to go to whomever and say.... "I need $10,000 please".... Don't you have to show proof of what you are spending the money on?

GB

[booty_frijoles]

That's a great question GB which I have no answer to...

If that's the case it's gonna suck, I don't think they moniter your spending though. For all they know you could be buying books online, but you also spend it on things like iPods and laptops, which in a way I guess are "school-related" to some extent.

Why not for gyne surgery?

[Rampage31]

Aren't school loans supposed to be for school related things?

Are you able to go to whomever and say.... "I need $10,000 please".... Don't you have to show proof of what you are spending the money on?

GB

I was told it was for school  personal expenses. You can buy laptops, clothes, even a  car. How it works is you select the loan option on your pell grant application. Then the school will give you the option to take a federal loan. My school fees for this semester will be about 3k. 2200 of the pell grant covers that. I will pay the rest in cash. Whatever is left over(loan money) is mailed to you in a refund check. I don't believe they will come running to check to see what each of the many thousands of students use the money on. I am sure they really don't want you paying for cosmetic surgery for it but once that money is in your account they won't ever know what you do with it.  As long as it is paid back is really all that matters to them. I actually have seen college guys get refund checks one morning and bring back 50'' plasma TVs to their frat houses. As far as the interest goes I am checking on it. I would be receiving two loans, one subsidized and one unsubized. Interest on one of those starts 60 days after you receive the money.  5 to 6k in loans won't be bad. I got friends who owe nearly 50k.  Anyway, I have some hope now. I thought it wouldn't happen but it actually might now. Hopefully before this year is over the nightmare will be gone.

[Grandpa Bambu]

Aren't school loans supposed to be for school related things?

Are you able to go to whomever and say.... "I need $10,000 please".... Don't you have to show proof of what you are spending the money on?

GB

booty/Rampage...

Don't get me wrong here. I'm not saying that you shouldn't spend your loan money on surgery. If you can do it that way then that's great. I just wasn't sure how it all worked. I never had the need for a school loan.

GB

[booty_frijoles]

....AND, this is a great way to get the surgery paid for if you have no other way of doing it. For people who have no help or support from their parents like me, this is the only thing that's giving me hope of getting rid if it soon (Hopefully before I turn 19). I really don't wanna live with this for another year so I'm going for it.

Keep us posted on how it goes Rampage, and I might have some questions for you later on if your willing to help..
How old are you btw?

[PSC0002]

Yeah like I said, I'm by no means a financial professional.  So take my advice for what it's worth.

BUT - like you said Rampage - there's guys out there buying plasma screen TVs with their loans.  I know a guy who bought a boat with his.  Some people forget they actually have to pay that money back - but by comparision to high interest credit cards and almost impossible to get signature loans, this may be a great option. 

I personally plan on using one of those 0% for 12 months checks one of my credit card companies sends me so very regularly.  and I'm also fixing to sell my home (in a relatively great market), so I can pay it off then. 

Just be smart with it - and you know what you want - so get it.  It's just money - you can't take it with you.  And despite the acronym "you can't buy happiness", I'd bet plenty of these guys who have had surgery would argue that point. 

[Rampage31]

Just got word my interest rate would be 6.8 percent on 3k, the other $2200 would have no interest until 6 months after graduating. They said I am approved for 5200 bucks. Booty, I am in my mid 20s. I worked in construction out of high school, I wasn't making ends meet so I went back to school for something more stable. By the way this is a major state college.  I am not sure if you can get loans that big for junior colleges.  I fax in all my paperwork monday. Now I have to start shopping for Surgeons.

[PSC0002]

6.8 seems kinda high to me... (But still way lower than some of the healthcare financing options I've looked at)

On the 3k, does it charge 6.8 beginning day 1 or wait to graduation or what???

Know the interest rate on the 2200 that's deferred 6 mos?