DrReo

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If one was to have car loans or be aquiring more, could they use (or have enough) student loans to pay for a 175-250/month car payment?
 
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NAVY DDS 2010

If one was to have car loans or be aquiring more, could they use (or have enough) student loans to pay for a 175-250/month car payment?

As long as you can get a car loan and you can afford to pay all your living expenses on top of the car loan, yes, you can use the student loans to pay for the car payment. Is it the wisest thing financailly to pay a loan with a loan? no, since you are payiing interest on a loan you use to pay another loan you will pay interest on. But, no one can tell you cannot spend the money that way since no one can see how you use your funds.
 

rewJW

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I don't know if this is true or an only-in-NJ thing, but at my NJDS interview they told us that the only thing that you can't use student loans for is specifically car loans. I was told this both at the interview and also at an open house-type thing I went to last summer.
 
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DuffMan01

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Yea you can do that! I plan on doing the same thing with my undergrad loans. Just make sure you will pay it off or else the school will take your car lol jk
 

dent2009

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I don't know if this is true or an only-in-NJ thing, but at my NJDS interview they told us that the only thing that you can't use student loans for is specifically car loans. I was told this both at the interview and also at an open house-type thing I went to last summer.
How can they ever know that you're paying off a car loan with school loan? They can't possibly track that down...seriously. Well they might get suspicious only if you roll into school with a brand new car... Hey another thing I heard from NJDS is that someone used their loan $$$ to get a boob job!!!
 

DrReo

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Well, I currently have an okay honda civic and it needs another realignment (car with 40k is going on 4 plus realighments-according to carfax...) and I was thinking about buying a car that has 4x4 due to the tundra like conditions I will most likely be in next year. I can pay a good portion of the car off but will have $6,000 left starting dental school. I'm curious to know if we would beable to have a little extra cash (about 220 or so a month) to pay bills such as these? Also, I feel safer driving in a Jeep(or whatever) vs civic in the iced north next year....
 

rewJW

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Well, I currently have an okay honda civic and it needs another realignment (car with 40k is going on 4 plus realighments-according to carfax...) and I was thinking about buying a car that has 4x4 due to the tundra like conditions I will most likely be in next year. I can pay a good portion of the car off but will have $6,000 left starting dental school. I'm curious to know if we would beable to have a little extra cash (about 220 or so a month) to pay bills such as these? Also, I feel safer driving in a Jeep(or whatever) vs civic in the iced north next year....
If you already know what school you're definitely going to, it might not hurt to give their loan officer a call and find out for sure. Like I said, I heard on two different occasions from NJDS that you can't use school loans to cover car loans. I am sure there is a reason why. I know you likely wouldn't be able to get approved for a car loan while in d-school with zero income, but if you're pre-approved and already paying it when you enter school, I too don't see how they'd know where the payments are coming from ... but I was just sharing what I was told.
 

DentalQT

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So I go to NJDS, yes someone in our class used part of their loans to pay for a boob job. NJDS financial aid has NO control over what you spend your loan money on but if you run out of funds and ask for money and they see that you should have had enough money they won't give you more because they don't BUDGET for car payments or credit card payments... I used my loan money to pay for a car but unless your car is dead the last thing you want to worry about is not having enough money to pay for things. The cost of living in NNJ is pretty pricey and most ppl have just enough money to pay for the necessaries and not much more. If you have help from parents then do whatever you want but if you solely have to rely on loan money wait until after your first year to see how your finances goes.

Hope this helps.
 
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