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Dangers of Using Student Loans to Buy a Car – Debt.org – Bottom Line: Never Use Student Loans to Buy a Car. Getting a student loan is an easy and familiar process to most students, and if you are taking out tens of thousand of dollars to finance your education, adding another few thousand feels like another drop in the bucket.

We have $15,000 in debt spread across student loans, credit cards, and a car payment. We make decent money. It’s a symptom of you two buying things you couldn’t afford. Start living on a written,

But consider a loan after you’ve accepted grants, scholarships and work-study. You can get these by submitting the Free Application for Federal Student Aid. “You cannot use it to buy a car,” says.

Can I drive my parents’ car without having my name added to the insurance list in the same city? I would but it would. Increased since the end how to take on lending standards for car Interest.

Taking a reality check on college debt – Even if you interpret the rise in student debt as a glass half full (more young people going to college!) it’s hard to ignore the downside. More than 44 million Americans owing $1.6 trillion in.

Student debt is kind of like a nagging cough — it can linger and linger for much longer than you’d like it to. But if you’ve finally reached the point where you’ve paid off your student loans, you’re.

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Buying a Car When You Have student loan debt. You’ve just graduated, with a crisp new diploma you’re ready to take on the world and are excited for your first day of work at your new "adult job".

One option to avoid is using your student loans to buy a car. That’s because cars are not considered acceptable educational expenses under the federal student loan program. interest rates for student loans may also be higher than what you could get for a conventional car loan, making getting a car loan with student loan money even more expensive.

Get preapproval offers for financing a car. Getting a great deal on financing a car requires comparing prices and shopping around. However, the deal you get on an auto loan will be customized to your creditworthiness. You’ll have to apply for auto loan preapprovals to get actual rate quotes you can compare to find the best deal.