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> Student Loan for Personal Expenses, Should I do it?
Guest_JBroms_*
post May 26 2010, 01:32 PM
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So, I'm home from college for the summer, working an average job at a grocery store's "carryout cafe" and logging at least 16 hours of work a week. Nothing too special.
However, even if I start to get more hours, I probably won't end up saving more than 1500 dollars for next year.
The problem? I spent 2500 dollars this previous school year (That probably seems like a lot for most of you, but that's the average for my school, we make a lot of McDonald's runs in the middle of the night because the dining hall closes dinner at six, and after that, you're smurfed. Even if you choose to go to Wal-Mart and get food for yourself for cheaper, it still really adds up.)
So, I have recently noticed that several student loan providers have loan options in which they send money to you directly, if you qualify, and you're free to spend it on whatever you want, to be paid back when you finish college, like a typical student loan.
I'm considering taking out one of these small loans for something like $1000-$1500 to contribute to my personal expenses for next year.

So, is it worth it? It's a choice of living comfortably for a year, or a year of being stingy and possibly going hungry several nights a week.

Note on my college debt: While it originally looked like I was going to leave college and get raped by about 45,000 dollars of debt, my parents splitting up and me being listed as a dependent on my mom (who makes only ~40,000 annually)has since gotten me a lot more aid and next year will only bring me to about 13,000 in debt, with the projected total looking something like 20,000-30,000 dollars in debt (depending on if I decide to stay an extra semester or two and complete a double major, or if I want to graduate in three years), so would it be too bad to add 3000-4500 onto that sum (assuming I were to do this all three years I have left) in order to comfortably live out the remainder of my college days?

Good idea? Bad idea?
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Guest_AK_WDB_*
post May 26 2010, 02:00 PM
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QUOTE (JBroms @ May 26 2010, 05:32 AM) *
the dining hall closes dinner at six

Find a better college. That's smurf.
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Guest_eric..._*
post May 26 2010, 02:52 PM
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private student loans are pretty bad news. do you really want to accrue interest on a loan that cant be discharged by bankruptcy to eat a bit more mcdonalds?

put simply, a $6 'meal' at mcdonalds will end up costing at least $16 if financed through a typical private, deferred-payment student loan. as interest rates rise, so will that number. should you miss a payment (accidentally or otherwise), tack on some more. in the end, well... thats some expensive mcdonalds.

so, yes, try to make more money this summer. or make more money during the school year. or get to the dining hall before it closes. or, yes, save a significant amount of money by purchasing food at a grocery store (and it IS a lot less expensive; bulk ramen comes in at over 2000 calories per dollar). heck, spending less money at mcdonalds would help, too (two of the double cheesburgers from the dollar menu register at a fairly 'impressive' 780 calories, for example).

just dont take out a private loan unless absolutely necessary.
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Guest_JBroms_*
post May 26 2010, 03:25 PM
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QUOTE (eric... @ May 26 2010, 02:52 PM) *
private student loans are pretty bad news. do you really want to accrue interest on a loan that cant be discharged by bankruptcy to eat a bit more mcdonalds?

put simply, a $6 'meal' at mcdonalds will end up costing at least $16 if financed through a typical private, deferred-payment student loan. as interest rates rise, so will that number. should you miss a payment (accidentally or otherwise), tack on some more. in the end, well... thats some expensive mcdonalds.

so, yes, try to make more money this summer. or make more money during the school year. or get to the dining hall before it closes. or, yes, save a significant amount of money by purchasing food at a grocery store (and it IS a lot less expensive; bulk ramen comes in at over 2000 calories per dollar). heck, spending less money at mcdonalds would help, too (two of the double cheesburgers from the dollar menu register at a fairly 'impressive' 780 calories, for example).

just dont take out a private loan unless absolutely necessary.

It's for a lot more than just mcdonald's, that was just the example I used since that's were a very big chunk of my money went down the drain last year. And trust me, I eat dinner at my school every night in which I'm awake. But when you stay up until 1 or 2 in the morning every night, you tend to get hungry around 9 or 10.....
Even when I take out the food costs, there's still plenty of other things I'd be paying for over the course of the year that already takes a good chunk out of what I'll have saved. Books, laundry (paying for laundry is smurf), girlfriend.....

QUOTE (AK_WDB @ May 26 2010, 02:00 PM) *
QUOTE (JBroms @ May 26 2010, 05:32 AM) *
the dining hall closes dinner at six

Find a better college. That's smurf.


We can't all go to Dartmouth, I applied to colleges on a sub-2.0 gpa dry.gif
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Guest_AK_WDB_*
post May 26 2010, 03:45 PM
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QUOTE (AK_WDB @ May 26 2010, 06:00 AM) *
Find a better college. That's smurf.

I don't think I said "Dartmouth", did I?

But yeah, listen to Eric...he knows more about it than I do.

QUOTE (JBroms @ May 26 2010, 07:25 AM) *
It's for a lot more than just mcdonald's, that was just the example I used since that's were a very big chunk of my money went down the drain last year. And trust me, I eat dinner at my school every night in which I'm awake. But when you stay up until 1 or 2 in the morning every night, you tend to get hungry around 9 or 10.....
Even when I take out the food costs, there's still plenty of other things I'd be paying for over the course of the year that already takes a good chunk out of what I'll have saved. Books, laundry (paying for laundry is smurf), girlfriend.....

Well, you could try not staying up until 1 or 2 in the morning. And I don't know if you're allowed to take food from the dining hall, but if so, do that. Also, unless your expenses are actually going to draw your bank balance below zero, I don't see any reason to take out a loan. You'll have to pay it back in the future anyway, except with interest - so your total net income over, say, the next five years is the same or significantly lower, and for someone our age that's what really matters, since I doubt you're planning to go buy a house or a car.
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Guest_JBroms_*
post May 26 2010, 03:59 PM
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QUOTE (AK_WDB @ May 26 2010, 03:45 PM) *
QUOTE (AK_WDB @ May 26 2010, 06:00 AM) *
Find a better college. That's smurf.

I don't think I said "Dartmouth", did I?
Don't get all offended now, I just brought up your college's name to make a point.
But yeah, listen to Eric...he knows more about it than I do.

QUOTE (JBroms @ May 26 2010, 07:25 AM) *
It's for a lot more than just mcdonald's, that was just the example I used since that's were a very big chunk of my money went down the drain last year. And trust me, I eat dinner at my school every night in which I'm awake. But when you stay up until 1 or 2 in the morning every night, you tend to get hungry around 9 or 10.....
Even when I take out the food costs, there's still plenty of other things I'd be paying for over the course of the year that already takes a good chunk out of what I'll have saved. Books, laundry (paying for laundry is smurf), girlfriend.....

Well, you could try not staying up until 1 or 2 in the morning. No chance of that happening. And I don't know if you're allowed to take food from the dining hall, but if so, do that. Nope. Also, unless your expenses are actually going to draw your bank balance below zero, I don't see any reason to take out a loan. And there's a decent chance that they would. You'll have to pay it back in the future anyway, except with interest - so your total net income over, say, the next five years is the same or significantly lower, and for someone our age that's what really matters, since I doubt you're planning to go buy a house or a car.
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Guest_AK_WDB_*
post May 26 2010, 04:02 PM
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Jesus Christ, I'm not "getting all offended". I'm just suggesting that if your current situation is so terrible for your finances, you might consider going to school somewhere else. I don't think it's only Ivy League schools that keep their dining halls open past 6:00.
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Guest_Widget!_*
post May 26 2010, 04:15 PM
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Dude, my dining hall at ASU was open until 8:00 PM except on Fridays and Sundays. (It closed at 7:00 Friday, wasn't open Sunday. Other dining halls were, though, so that wasn't too big of a deal.) And I'm going to walk away from here with about $20,000 of debt. Go to a better school, bro.
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Guest_JBroms_*
post May 26 2010, 04:15 PM
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QUOTE (AK_WDB @ May 26 2010, 04:02 PM) *
Jesus Christ, I'm not "getting all offended". I'm just suggesting that if your current situation is so terrible for your finances, you might consider going to school somewhere else. I don't think it's only Ivy League schools that keep their dining halls open past 6:00.



Seriously, I know that, and I know that my college is the reason why I'm spending so much money. But I'm there because I did horrible in high school (unlike you, who put in the effort and ended up at Dartmouth, that's all I was trying to say) and I actually kind of like it there, but if I stay through this one year I can transfer to the University of Pittsburgh, and graduate from the main campus in just one year there, so I'm staying put, this is the best place for me to be right now anyway.
So, do me a favor, and listen to that gorgeous penguin.


And for everyone going on about the dining hall issue, they are actually going to fix that this year by having the cafe on campus open until 8, and allowing people to eat twice in one night (we couldn't do that last year), if they so desire. So yes, I know my school isn't all that great, but it's what I have and I'm just trying to make the best of it.

This post has been edited by JBroms: May 26 2010, 04:20 PM
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Guest_Widget!_*
post May 26 2010, 04:29 PM
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QUOTE (JBroms @ May 26 2010, 09:15 AM) *
Seriously, I know that, and I know that my college is the reason why I'm spending so much money. But I'm there because I did horrible in high school (unlike you, who put in the effort and ended up at Dartmouth, that's all I was trying to say) and I actually kind of like it there, but if I stay through this one year I can transfer to the University of Pittsburgh, and graduate from the main campus in just one year there, so I'm staying put, this is the best place for me to be right now anyway.
So, do me a favor, and listen to that gorgeous penguin.


And for everyone going on about the dining hall issue, they are actually going to fix that this year by having the cafe on campus open until 8, and allowing people to eat twice in one night (we couldn't do that last year), if they so desire. So yes, I know my school isn't all that great, but it's what I have and I'm just trying to make the best of it.


Your overall plan is still to go to a better school. Just not immediately. So, you're still taking my advice, just post-ex-facto. tongue.gif

Seriously, though, I'd avoid the private loan if at all possible. Not only is it waaaaaaaaaay too much paperwork, but $3,000 more debt is still a lot more in monthly payments.
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Guest_overly_critical_man_*
post May 26 2010, 05:00 PM
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I survived college on ramen, beef bowl and $1 menus.

And I didn't eat breakfast.

Actually, I haven't eaten breakfast in about 8 years. Woo hoo!

Buy a box of crackers. They'll stave off the hunger pains during class.

My suggestion? Just work more this summer and try to save as much as you can. Always try to avoid debt whenever possible.
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Guest_Cholé_*
post May 26 2010, 05:48 PM
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^Funny, my plan for next year is to live off of bulk supermarket-brand cereal

QUOTE (JBroms @ May 26 2010, 11:25 AM) *
It's for a lot more than just mcdonald's, that was just the example I used since that's were a very big chunk of my money went down the drain last year. And trust me, I eat dinner at my school every night in which I'm awake. But when you stay up until 1 or 2 in the morning every night, you tend to get hungry around 9 or 10.....
Even when I take out the food costs, there's still plenty of other things I'd be paying for over the course of the year that already takes a good chunk out of what I'll have saved. Books, laundry (paying for laundry is smurf), girlfriend.....

This should never be an issue

Girls like it when you make them things

Learn origami and you'll be set for life
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Guest_AK_WDB_*
post May 26 2010, 05:49 PM
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QUOTE (Widget! @ May 26 2010, 07:29 AM) *
Your overall plan is still to go to a better school. Just not immediately. So, you're still taking my advice, just post-ex-facto. tongue.gif

Seriously, though, I'd avoid the private loan if at all possible. Not only is it waaaaaaaaaay too much paperwork, but $3,000 more debt is still a lot more in monthly payments.

Yeah, good to hear you'll be going to a better school eventually. I still don't get why you're telling me to "chill out", though.
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Guest_Jonesy_*
post May 26 2010, 05:54 PM
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QUOTE (AK_WDB @ May 26 2010, 12:49 PM) *
QUOTE (Widget! @ May 26 2010, 07:29 AM) *
Your overall plan is still to go to a better school. Just not immediately. So, you're still taking my advice, just post-ex-facto. tongue.gif

Seriously, though, I'd avoid the private loan if at all possible. Not only is it waaaaaaaaaay too much paperwork, but $3,000 more debt is still a lot more in monthly payments.

Yeah, good to hear you'll be going to a better school eventually. I still don't get why you're telling me to "chill out", though.

Stop taking offense at every post?
EDIT: What's going to be amusing is when someone takes offense at that...

QUOTE (Cholé @ May 26 2010, 12:48 PM) *
^Funny, my plan for next year is to live off of bulk supermarket-brand cereal

QUOTE (JBroms @ May 26 2010, 11:25 AM) *
It's for a lot more than just mcdonald's, that was just the example I used since that's were a very big chunk of my money went down the drain last year. And trust me, I eat dinner at my school every night in which I'm awake. But when you stay up until 1 or 2 in the morning every night, you tend to get hungry around 9 or 10.....
Even when I take out the food costs, there's still plenty of other things I'd be paying for over the course of the year that already takes a good chunk out of what I'll have saved. Books, laundry (paying for laundry is smurf), girlfriend.....

This should never be an issue

Girls like it when you make them things

Learn origami and you'll be set for life

Having any sort of social life will cost you money though. Going places/out to eat etc.

This post has been edited by Jonesy: May 26 2010, 05:54 PM
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Guest_Research Monkey_*
post May 26 2010, 06:03 PM
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Not allowed to take food from the dining hall? Since when has any other school regulation regarding where and what you're allowed to consume stopped you? Do it. Also, energy drinks are expensive. Drink tea for cheap caffeine. Especially in the winter. Green tea is also a natural appetite suppressant, so you win the bonus round.
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Guest_JBroms_*
post May 26 2010, 06:33 PM
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QUOTE (Research Monkey @ May 26 2010, 06:03 PM) *
Not allowed to take food from the dining hall? Since when has any other school regulation regarding where and what you're allowed to consume stopped you? Do it. Also, energy drinks are expensive. Drink tea for cheap caffeine. Especially in the winter. Green tea is also a natural appetite suppressant, so you win the bonus round.


I more or less cut energy drinks out second semester, because I couldn't afford them.

And I don't need to lose any weight man. It's not appetite that makes me eat late at night, it's the lack of food in my stomach.
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Guest_JBroms_*
post May 26 2010, 06:50 PM
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QUOTE (AK_WDB @ May 26 2010, 05:49 PM) *
QUOTE (Widget! @ May 26 2010, 07:29 AM) *
Your overall plan is still to go to a better school. Just not immediately. So, you're still taking my advice, just post-ex-facto. tongue.gif

Seriously, though, I'd avoid the private loan if at all possible. Not only is it waaaaaaaaaay too much paperwork, but $3,000 more debt is still a lot more in monthly payments.

Yeah, good to hear you'll be going to a better school eventually. I still don't get why you're telling me to "chill out", though.


That one post sounded a little....heated?
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Guest_AK_WDB_*
post May 26 2010, 07:34 PM
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QUOTE (Jonesy @ May 26 2010, 09:54 AM) *
Stop taking offense at every post?

Except...I didn't take offense at anything. I was just impatient at having been misconstrued as doing so. And no, I still don't take offense at this one...that clear? tongue.gif

QUOTE (Research Monkey @ May 26 2010, 10:03 AM) *
Not allowed to take food from the dining hall? Since when has any other school regulation regarding where and what you're allowed to consume stopped you? Do it.

If the school has all-you-can-eat meals, then taking food from the hall is considered stealing, and there can be serious consequences. Probably not a good call.
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Guest_Cholé_*
post May 26 2010, 09:05 PM
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QUOTE (Jonesy @ May 26 2010, 01:54 PM) *
Having any sort of social life will cost you money though. Going places/out to eat etc.

Ohhhh okay, we don't have those here, sorry

QUOTE (Research Monkey @ May 26 2010, 02:03 PM) *
Not allowed to take food from the dining hall? Since when has any other school regulation regarding where and what you're allowed to consume stopped you? Do it. Also, energy drinks are expensive. Drink tea for cheap caffeine. Especially in the winter. Green tea is also a natural appetite suppressant, so you win the bonus round.

I approve this message

QUOTE (AK_WDB @ May 26 2010, 03:34 PM) *
If the school has all-you-can-eat meals, then taking food from the hall is considered stealing, and there can be serious consequences. Probably not a good call.

Charging me $7.75 for a bagel is stealing

I consider those apples I snagged during the year their apology
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Guest_Research Monkey_*
post May 26 2010, 09:40 PM
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QUOTE (AK_WDB @ May 26 2010, 12:34 PM) *
QUOTE (Research Monkey @ May 26 2010, 10:03 AM) *
Not allowed to take food from the dining hall? Since when has any other school regulation regarding where and what you're allowed to consume stopped you? Do it.

If the school has all-you-can-eat meals, then taking food from the hall is considered stealing, and there can be serious consequences. Probably not a good call.


Being required to pay for a meal plan you can't use is stealing.

Paying $16 per $6 of loan is stealing.

I would have no objections there. A "good" call, perhaps not.

QUOTE (JBroms @ May 26 2010, 11:33 AM) *
It's not appetite that makes me eat late at night, it's the lack of food in my stomach.


I'm not sure what the difference is.

Appetite is being hungry. You're hungry because you have no food in your stomach.
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