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Discussion Starter #1
The only way I'm going to be able to afford a WRX, let alone an STi, is through some illegal scheme. However, maybe I can delay that for a year or 2 by getting student loans. My parents are paying for my school so I could easily get that money in pocket and be able to use it for whatever. I know a lot of people do it to get money to fund their project cars, so I was just wondering if someone could let me know how they work and if theres any real drawbacks. Also, I'm too lazy to go look anywhere else.
Thanks.

PS. Any thoughts on how insurance premiums are going to be on the STi? Or how they are currently for the WRX?
 

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If you go into debt over a car at this stage in your life, you will hate yourself down the road. It's a dumb thing to do. Plus I think student loans have a crazy interest rate. Also if you are a college aged student, I am guessing 18, maybe 19, insurance on an STi is going to be crazy and thats if you can even find someone to insure you.
 

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Actually the rates are very low and you aren't obligated to make any payments until 6 months after completing college. It wouldn't really be that much either, I'm eligible for 3,000 a year or per semester, something like that.
I'm 21, and still covered under my parents insurance policy.
 

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Discussion Starter #6
I can get 5,500 a year for the next 2 years at an APR of around 4-5% I wouldn't have to make a payment until 6 mos. after I graduate.
Doesn't this sound like a really good opportunity for some cheap credit? I suppose if it stupid to waste it on a car, I could use it on a down payment for a house.
 

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It doesn't sound like it is legal. I don't think this is an open-ended loan. It is to be legally used on school and not a car.

Don't do it..its not worth it. Not too mention, but why blow your money on a car that will put you in debt, especially with the economy. Who knows, when you graduate jobs might not be as plentiful as you thought.

Down the road when you do graduate and have a steady job I can guarantee you there will be cars just as nice/nicer than the STi..heck just one year ago the older version STi was awesome, now it is being replaced by a facelifted model with better technology..WAIT
 

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Discussion Starter #9
Balboa Subaru

I've decided that I'd be better off waiting on the STi, but I'd still like a WRX. It's totally legal, as long as I'm enrolled full-time in school then they'll know I paid for school. They check every sem. to make sure I'm still enrolled, which I will be. My old Probe is really starting to detriorate, and I'd rather not waste my money on a used car that I wont be happy with. Even with my part time job I'll be able to make rent and a car payment, assuming that I can get my credit cards paid off by June. Even my parents are behind me on this one, and they're the most responsible people I know. Just as long as insurance isn't a lot more than my current car.
 

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What I am saying is the loan is not legal to use that way. Sure, you probably won't get caught since like you said
as long as I'm enrolled full-time in school then they'll know I paid for school. They check every sem. to make sure I'm still enrolled, which I will be
This doesn't make it any more legal, just easier to get the loan and use it for how you want.

As far as getting a new car the WRX will be a nice car. You might want to even consider the possibility of buying a used beater civic for a couple grand or less and use that until after school. As a student the general rule of thumb is to be poor..no ifs ands or butts. Then, when you get out of school you will have neither student loans or a car loan to worry about. Just my .02
 

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Again I get in late on a post...

I was able to get a lot of money for student loans... some factors that helped me:

1) I was in Graduate School. Since there are basically no grants available for grad school, the feds are a lot freer with $$

2) I was living on my own - the Student Loans go towards paying rent/mortgage (or boarding if you live on campus) as well as tuition, books, and supplies (crayons, protractors, etc. :lol: )

HOWEVER....

I'm paying for it now. I graduated in 1998 and it was a struggle at first - $50 Gs in loans at a high-ish int rate to be paid off in 10 years = $750 a month!

But as my wife and I have started making more money over the years, and int rates are down to 4.something% (not to mention a 1/4 - 1/2% discount for electronic withdrawal) it has become less of a burden.

We make too much to get a tax break on it :cry: and I have 6 more years to go to pay it off :cry:
 
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