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-   -   Car Payments While In School? (http://www.focusfanatics.com/forum/showthread.php?t=297362)

NBFocus 09-10-2012 11:11 AM

Car Payments While In School?
 
I have decided that it is time for me to go to school. Going on my 3rd year out of high school, and my job as a parts guy at my Ford Dealer has become stale, and I want out before I end up hating Ford as a company. Only problem is that nice monthly payment I have for the next 5 years. Will a student loan or line of credit cover my car payments while I go to college? Im only going for 1 or 2 years.

boardgeneration 09-10-2012 11:27 AM

Well I went back after 10 years out of HS. I had a car payment, house payment and lots of other bills. I worked full time while going to school full time
The dept. of Education probably give you enough to pay for school and books, maybe housing depending on your situation. That's all they will cover in most cases.

LouBomb 09-10-2012 11:56 AM

No... if you get financial aid through the GOV that is supposed to cover only books and tuition.. If there is any $$ left you get it back in the form of a check at the end of the semester.... If you get a private school loan.. you can do whatever you like with the money but they need proof you are in school.

NBFocus 09-10-2012 12:32 PM

Well I am most like to get a Line of Credit through the bank.

SkyPilot 09-10-2012 12:35 PM

DO NOT DO THAT!

dont use a loan to pay off another, especially a student loan. Student Loans are intended to education and other expenses associated with it, such as books, room and board.

And chances are depending on where your getting your school loan thru your intrest rate on your car is less than the school loan. Therefor your just wasting money because you end up paying all that much MORE in the long run.

Goto school, get another job to cover your expenses, Yes it sucks to be doing both but you will end up a lot better off when school is over. Take if from me, I have a mountain of school debt and I would never even thing of adding more in this way.

And avoid Sallie Mae loans like the plague, I swear that place is run by satan himself.

NBFocus 09-10-2012 12:41 PM

I suppose I could get a part time job to cover the payments, or start saving my ass off now so I can just make them out of a savings account for when money gets tight.

rambleon84 09-10-2012 12:57 PM

Quote:

Originally Posted by NBFocus (Post 4346041)
I suppose I could get a part time job to cover the payments, or start saving my ass off now so I can just make them out of a savings account for when money gets tight.

I worked all four years while i was in college, not the easiest but I needed the income. Although, i had a series of beater cars, none worth more than $1500, so I didnt have a car payment. You can always try night school, plenty of places offer after 6 classes. I dont like online schools but you can always do it that way as well.

NBFocus 09-10-2012 01:10 PM

Unfortunately the two courses I applied for was a choice of either Automotive Service Tech, and Computer Programmer, havent decided which one I'd rather do, but both require full time on campus study. But that doesnt bother me, cause my job just sucks the soul out of me more and more each day.

LouBomb 09-10-2012 01:13 PM

im doing the whole full time school and full time work.. its hell.. but the end feeling is great... plus i have ZERO school debt...

lyonsroar 09-10-2012 01:18 PM

I didn't realize there were people that just went to school with no P/T work...


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