Car Payments While In School?

[NBFocus]

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.

[Sponsor]

[boardgeneration]

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]

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]

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

[SkyPilot]

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]

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]

Originally Posted by NBFocus

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]

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]

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...

[matmatician]

Originally Posted by LouBomb

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...

Yep... Same here. I own a condo, make payments on a motorcycle, and have a crapload of other bills that require me to work full time while going to college. I'm a super senior this year (I switched my majors 2 years in... D'oh!) and at one point, I was juggling a full time job, being a full time student, working an unpaid internship for 15+ hours a week, and trying to keep the fiancee happy while only seeing her for about an hour a day. (and for the record, the only thing that has changed is that I've completed my internship... and my summer course. I have another week off before school starts again :P)

Just get a part time job and make the payments. As long as they're not insanely high, you should be fine Oh, and I understand the stale job thing man... I've been a security guard for 4 years now. Talk about dead end... At least you get to deal with cars, not drunks and druggies!! lol

Also, its interesting to see all these folks still going to school. I kinda felt like I was the only one! lol