Going to pharmacy school, expected cost is 20-30K per year. I'm looking to buy a car too, so instead of getting a 15K loan now and buying a 20K dollar used car, if i wait till grad school starts is it possible for me to get a huge loan my 1st year, maybe 50K and spend 20 towards school and 30 towards a car?
2006-12-21 19:10:33 · 4 answers · asked by Chate 2 in Education & Reference ➔ Financial Aid
In short, yes. You can borrow through the Federal Stafford Loan program (www.StaffordLoan.com) up to $18,500 per year of grad school. Additionally, you can borrow through a private student loan up to the total cost of education - in your case $30,000 - up to a total of $70,000 per year. So through both programs, you could borrow $50,000+. The private loan is based on credit so you might apply before you start school while you are still working.
2006-12-22 02:27:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Quite frankly, that would be irresponsible on your part. When/If you graduate from your PharmD program you will be making enough money to go out and buy any car you want. Don't take advantage of student loans by claiming that your new car is a transportation expense. You can get a perfectly good car for $5000. You don't need to buy a brand new car for $30K.
If a new car is your priority right now, then you need to step back and reevaluate your priorities.
2006-12-21 19:28:48 · answer #2 · answered by Brandon W 5 · 0⤊ 0⤋
A car is one of the worst investments you can make. Don't forget maintenance, insurance, registration, repairs, and of course, gas. It all adds up. Do the math.
If you're going to borrow that much money up front, it will feel like indentured servitude once you graduate - every extra dime made probably will be towards interest on that loan.
2006-12-21 20:09:11 · answer #3 · answered by i♥sf 5 · 0⤊ 0⤋
You could as transportation could be conceived as expenses. However do you really want to owe that much when you get out? You'll have to start paying it back when you get out of school and you don't know if you'll find a job right away or what your expenses will be. Plus if you default on a student loan you are basically screwed credit wise.
2006-12-21 19:13:31 · answer #4 · answered by angie 4 · 0⤊ 0⤋