Worth it to take out a loan?

[KryptoKnight]

I've been saving money for maybe 6 months now reaching 1500 dolalrs in my bank account.  I've had many set backs with my car, killing my chances of surgery when fall comes around.  I am a college student currently working, and it pays quite well since I always have to go to school.  I want to try to make as much money as possible over the summer (take two jobs) and see how much I end up with in the fall.  Question is, is it smart to take out a loan?  Say I have 3k or 3.5k at the end of the summer; would it be worth it to take out the loan for the 1.5k remaining?  I want to get it done as early as possible so when summer hits I'll be 100% clear or almost 100% cleared up.  Any info would help, thanks.

[Bolognianips]

Do it!  Since you are in college you can get a student loan, where the rates are fairly reasonable.  When you get out of school, belive me you will find out that its pretty expensive to start out, and you may not find the opportunity.  It sounds like within a year or two you will be able to pay off the debt, so I would say go for it.

[KryptoKnight]

Thanks for the quick reply.  Sorry if it's a dumb question, but who/what would I contact for student loans?  I luckily never had to take out a loan for college tuition.

[Bolognianips]

haha, well your better off then .  I think the average debt for an undergrad is around 20,000.00 these days.  Its a shame to say I'm "average" . 

Anyways... There are tons of options for getting students loans, and tons of restrictions for certain kinds.  The best loans are Fed Stafford Loans.  I think you will probably end up with 6-7% interest though.  If you can qualify you can get a subsidised loan, which means that while you are in school, you will not accure any interest.  You will get the option of paying back your loan while you are in school, or using a grace period that will usually end about 6 months after you graduate.  Regardless most loans are for 10 years after graduation with no early pay penalties.

That being said, there are limits as to how much you can borrow using fed loans, I think like 1500 a semester as a freshemen, then 2500 soph, then 3500 etc..

Your best bet, go to your financial aid office.  They will be able to help you and tell you what you are eligable for.

Beyond that there are private student loans, that will lend you pretty much whatever you want, with similar conditions, but they can very their terms and interest rates.

Just do a google under college loans and see what you come up with, but I would check with your Financial aid office first and see what exactly you are eligable for.

Hope that helps you out.  You could find a better deal perhaps, with a medical finance company, but student loans are much more forgiving when it comes to payment options etc, and if you have poor or unestablished credit, you will certainly have to pay a high rate with some pretty strict terms.

[KryptoKnight]

Thanks for the info, I'll definately be looking into it.

[reaper33]

im a full time student with a part time job, and i took a loan for this surgery, however im still pre op, but i think its a small price if you get a successful result. i got my fingers crossed. you are not alone dude, ive seen many people on here take loans.

[Bolognianips]

The credit card idea might not be a horrible one, but...  If you dont have a credit history, you may not be able to get the amount you need, and if something happens and you cannot pay off within your intro offer, you are looking at paying 20% or more.  So be mindfull.  I have great credit, but would never consider using a card for such a large single purchase.  I think we all know how life goes, and if you end up with 5 grand at 20%+ APR, you will regret your choice.

I have plenty liqued for the op, and then some, but I will certainly take out more student loans if I need them.

If I were in your shoes, I would try and cover the whole op with a loan, when you graduate take a great brest free, (Male brest free) vacation, then remember how much people pay for cable when you are writing the $50 a month loan check for a new lease on life .

[bobjohnson]

Take out the loan! Confidance will yield you better career success and therefore make the loan a non-issue. Career success is an much education as self confidance. Go for it!

[Grandpa Bambu]

Go for a loan dude. $1500 is pocket change. You'd have it paid back in no time.

GB

[KryptoKnight]

Aright well it's almost  indefinate that I will be taking out a loan, or the credit card idea (though I have no credit history).  Last year I was thinking about a loan but I didn't have a good enough job to be able to pay it off adequately.  Over the summer I'll get a second job and hope to at least have 3.5 - 4k (which is very likely)  Hell it might even be possible that I have 5k by the end of the summer so I'll keep my fingers crossed.

It's funny how the older you get the more realistic surgery seems; as a kid you tend to notice it less than when you're an adult.  Then you reach a point where you exercise a lot, eat well, and you still have these things hanging there...  Only positive thing about gyno is that for me it helped me take better care of my body.

[Grandpa Bambu]

Aright well it's almost  indefinate that I will be taking out a loan, or the credit card idea (though I have no credit history).

Kinda tough to get a credit history without having a CC in the first place... 

I'm sure there are many finacial institutions that will gladly give you credit.

GB