Student Loans

[maidenari 0]

It has been awhile that I have been contemplating surgery. Only now have I come to the realization that it is completely up to me. No one else will support this decision financially, and no one in my family is really ecstatic about the prospect of surgery but then again I'm not excited about the prospect of being unhealthy. So to finance my new life I have decided to pay for my surgery with student loans. Now before everyone's knickers are up in a twist, the loans are kind of superficial. I can easily afford college without these loans, but not the surgery. So I'll self pay and put the rest of the money in a high interest account to help the loan pay off itself. I'm smart I promise. Lol has anyone else taken out a loan for their surgery? How did it turn out?

[TijuanaPlication 87]

I used a credit card that offered a 12 month interest free period which ends this Autumn and I'm on target to pay it off.

I used student loans for things other than student loan type things, as I went to college close to home and traveled in, so I was OK financially. You sound level headed and I hope everything works out for you!

[Disney 20]

I used my tax refund and part of my student loan. Look, the loan is CLEARLY more than the tuition and while It is supposed to be used for school-related things only, what else can you spend that amount of money on, honestly? I have to pay it back, I will decide what I do with it. It's not like it's a grant or some other 'gift'.

One bonus, the interest is usually much lower than a bank loan or one of these online WLS loans.

I say do it. It is the best decision I have ever made.

[wishes 125]

Sounds like a plan. I was thinking about doing something similar for my breasts after surgery.

[maidenari 0]

Thanks for the support! I look forward to posting more and Disney that's just what I was thinking. Why pay more than I need to?

[doggz109 41]

I've never seen a student loan that allows for this? When I got my loans for school it specifically said in the contract that it was only for school related expenses.....tuition, room/board, books, etc? In fact....I didn't even see the money it was sent directly to my school. Unless things have changed.

Also - if you can pay for school how would you even get the loan? Financial aid applications ask you for your income/savings etc?

[maidenari 0]

Well dogz, I have a regents scholarship which covers tuition completely and a 0 EFC so I have the full amount of every grant (and my grant money goes to education I don't allow it to go anywhere else) my loans are supposed to cover my room/board/books but since they couldn't give me U housing they gave me enough money to afford Uhousing if a place opens up. And I can afford my books with my job. My school gives me my overflow money after my U account is in the clear.

[thinoneday 445]

It has been awhile that I have been contemplating surgery. Only now have I come to the realization that it is completely up to me. No one else will support this decision financially, and no one in my family is really ecstatic about the prospect of surgery but then again I'm not excited about the prospect of being unhealthy. So to finance my new life I have decided to pay for my surgery with student loans. Now before everyone's knickers are up in a twist, the loans are kind of superficial. I can easily afford college without these loans, but not the surgery. So I'll self pay and put the rest of the money in a high interest account to help the loan pay off itself. I'm smart I promise. Lol has anyone else taken out a loan for their surgery? How did it turn out?

i used my credit union for a personal loan at 3%. . . student loans offer a higher interest rate. . . good luck

[lpully 1]

I wouldn't advertise that you're using student loans. They are to be used for school-related living expenses only and your school can deny the borrowed amts over the cost of tuition, books, and fee if they find out what you are using them for.

[doggz109 41]

Well dogz, I have a regents scholarship which covers tuition completely and a 0 EFC so I have the full amount of every grant (and my grant money goes to education I don't allow it to go anywhere else) my loans are supposed to cover my room/board/books but since they couldn't give me U housing they gave me enough money to afford Uhousing if a place opens up. And I can afford my books with my job. My school gives me my overflow money after my U account is in the clear.

Congratulations on your scholarship - however from what you are saying here you plan to use subsidized student loan money to pay for surgery. I really wouldn't recommend it since you would be committing fraud. It's illegal and unethical (since these loans are subsidized by fed gov). Check the promissory notes you signed for your loans - there will be a stipulation that the funds are to be used for educational expenses only.

There are many legal ways to finance surgery if you really want to do it.

EDIT: This is talking about government student loans (Stafford/Perkins/etc) - if they are private loans then all bets are off.....except they still might have a clause in their loan doc about it. I agree with a few posters above though that student loans are actually getting expensive.....almost 4% for subsidized and around 7-8% unsubsidized. Not sure what kind of "high interest" account you have in mind to put the money in to have it pay for itself....but those kind of rates don't exist for "safe" investments these days (CDs/savings accounts). You could always risk it in stocks but you could lose it too.

[wishes 125]

School loans are for covering expenses related to school, such as living expenses, food, clothing, books, you name it the loan will cover it to help the student go to school. The schools in Florida do not normally monitor what the student uses the money on as long as they are taking the amount classes they are supposed to. And can you not tell me there are not hundreds if not thousands of students who blow through their loans on on beer and cars?

For some this surgery is a medical necessity and the student loans also cover those miscellaneous expenses. The student still has to pay back the loan, just they don't have to until their schooling is complete.

Also a side note: most of the time now schools will directly deposit the money into your account for you to use as you wish.

P.S. My use for a loan later down the road might be a little frivolous, but this surgery is not.

[maidenari 0]

I dont think it's fraud in my case because of my obesity my doctor advised me to register as a disabled student and loans are also allowed to cover medical expenses; so why is this any different than me buying medication with it? Which according to my school's guidelines is an applicable use for loan money. I think I will be fine with my school's policy.

[maidenari 0]

Oops double post.

[Deakay 15]

Interest on the student loans is much higher than most credit cards and/or private loans......the only difference is they will defer principle payments until after graduation. The student loans my kids have taken out require repayment of interest for the duration of the loan. So if you aren't going to have to make interest payments, then these loans are subsidized. And how do you get subsidized loans without a financial need?

[italianlady13 80]

of course they don't monitor it....they get to charge you interest for it later and you will be an old hag like me living in the middle east paying off the damn things.....but I digress. Why don't you take out a care loan? It's interest free for 18 months for any surgery you want to have. If you can pay try to pay it off before the interest kicks in this way you are paying no interest. I made the same mistake you are about to make.....DON"T DO IT. Do the care loan it's interest free and you won't be paying it off for the rest of your life. In the event you ever have to claim bankrupcy ( I hope you never ever do, but you never know what will happen in the future) your student loan cannot be claimed and you will pay it until you die, whatever circumstances!!!