Taking out loan for "Fun"

[UKdreams]

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I'm one of those, lucky-spoiled-blessed whatever you want to call it, people whose parents saved for college and when I happened to get a scholarship for undergrad, that money was left for me to go to dental school.

Therefore, I have no loans.

Crazy, I know. But on top of not having loans for tuition, my mom has the means to support me by paying rent, food, etc. The thing is, I like to go on trips and spend money to do fun things in my free time. However I don't want my mom to pay for that, and I don't think she should pay for that.

My question, is it stupid to take out about $1000 a semester to just have fun with? Ski trip, spring break, a little weekend trip after a long month of being busy... I mean people who take out loans from my class have bought their gf Yurman rings and others gone to Colorado to ski on winter break.. What's wrong with me wanting a little money for a little fun? Be brutally honest with me..

 

[bigstix808]

I'm one of those, lucky-spoiled-blessed whatever you want to call it, people whose parents saved for college and when I happened to get a scholarship for undergrad, that money was left for me to go to dental school.

Therefore, I have no loans.

Crazy, I know. But on top of not having loans for tuition, my mom has the means to support me by paying rent, food, etc. The thing is, I like to go on trips and spend money to do fun things in my free time. However I don't want my mom to pay for that, and I don't think she should pay for that.

My question, is it stupid to take out about $1000 a semester to just have fun with? Ski trip, spring break, a little weekend trip after a long month of being busy... I mean people who take out loans from my class have bought their gf Yurman rings and others gone to Colorado to ski on winter break.. What's wrong with me wanting a little money for a little fun? Be brutally honest with me..

go for it. i'll tell you, lots of folks will be pissed if you brag about this. enjoy.

 

[UKdreams]

Yeah, there are only a couple people aware of it.. Namely the ones who have brought up loans and asked me a specific question about mine and I had no idea. I was kind of caught in an awkward, um uhh.. I haven't taken any out yet.. kind of deal. My classmate/roommate didn't find out for almost 2 years. Not something I brag about/bring up whatsoever.. That's why I brought to forum table

 

[dichloromethane]

I think you know that we know that you know what you're asking for is trouble.

No loans.

 

[UKdreams]

I think you know that we know that you know what you're asking for is trouble.

No loans.

You're right.. I need someone to say, "that's a bad idea." From the outside it seems to make sense, I mean 5,000 can be paid back pretty quickly.. My personal savings from working is not going to outlast the length of time I have left in school unfortunately though..

I think it's easy for the one person I've talked to about this to say it's 5,000 and not a big deal when they will have 200,000 in the end. But I guess I was just coming here for some other opinions and I'm glad there's someone telling me "no".

 

[Shazzam]

I don't see why you wouldn't. 2k / year for recreation isn't really that much considering you'll graduate with $0 in loans. IMO, you should take the time to enjoy life as much as possible; life is too short.

 

[bob1234]

Are you against working 1 day a week somewhere and earning the money?

 

[djeffreyt]

Take the loan and have fun, make it less than $4000 a year in non-interest bearing stafford loans (you can take up to $8500 in interest free stafford loans a year and interest won't accrue til after school and the rates are still low).

After 4 years of school, you graduate with $16,000 in loans.

If you get a job within 6 months that pays you a minimum of $450 a day for 4 days a week with only $16,000 in loans to pay. You should make about $90,000 gross in that first year (FYI, this is a low ball, you can probably do better). That means, after taxes in most states, you have about $60,000 in that first year in income, which breaks down to $5000 a month. If you don't go mad in your first year and buy a new car or house, your living costs for a nice apartment, food, malpractice, gas, utilities, etc. will probably be about $2500 a month. If you then do a two year repayment on your $16,000 loans (TWO YEARS MAN....that's short as ****), you would pay about $715 a month in loans to pay it off.

So cost of living + loans per month for two years = $3215 a month. That means you have about $1785 in disposable or savings each month. That's plenty to have fun and live and you also got to have some fun during school.

So, I say, so long as you don't go overboard with taking out loans during school just for fun, and you realize you should pay it off fast after school and live within your means after school, then why not. Have some fun. You're youth comes only once and it should be enjoyable.

 

[UKdreams]

@bob ... I honestly have tried to get a job and I feel like having to work is the opposite of what I'm trying to do.. Also, the amount of money I will make now doesn't compare to what I'll make in 2 years, so I'm thinking it is pointless to work my rear end off working for not that great of money

 

[shootingstar7]

Take the loans! You can manage a small amount of debt after dental school. No reason to struggle if you don't need to.

 

[Duriel]

non-interest bearing stafford loans (you can take up to $8500 in interest free stafford loans a year and interest won't accrue til after school and the rates are still low).

I don't think this exists anymore. Hopefully I am wrong.

 

[Bobby Fischer]

That is really awesome! Wish that were my case. My parents had 4 too many kids, though.

I'd say ask your parents...if you are brave enough. They seem to be pretty good with money, in general. I'd ask them and then do exactly what they tell me. Who knows? Maybe they tell you to take out an extra kilo a semester..maybe not.

 

[wigglytooth]

there are no more subsidized loans for grad school (RIP subsidized stafford loans🙁)

I don't think this exists anymore. Hopefully I am wrong.

 

[djeffreyt]

No subsidized loans. Well, now I feel old.

 

[RickCo]

No subsidized loans. Well, now I feel old.

Even with unsubsidized loans, I'd say go for it. Your situation is enviable by any standard, and as was said already, plan to live within your means when you graduate and 8000 (or 8790 after interest) in loans is basically nothing. Pay it off in 2 years, and remember dental school as somewhere you enjoyed. If you really scrimp, you could pay this off in 2 to 6 months. Killing yourself during school just isn't worth it. As was also said, life's too short.

Come to CO and go skiing, we have some amazing places! (Or at least, if global warming calms the hell down and it snows haha)

But as was also said, don't brag about it. The rest of us will want to kill you with rusty sporks.