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re: Use Student Loan to pay off Car Loan?
Posted on 7/30/13 at 6:50 pm to LSUfan2008
Posted on 7/30/13 at 6:50 pm to LSUfan2008
quote:
I'm not sure. Don't know if my income will qualify me for a better loan
Why don't you apply and find out? It generally doesn't cost anything.
To answer your original question, sure the student rate is lower. The flip side is that if something bad happens you cannot walk away from the loan. Student debt cannot be discharged by bankruptcy and Uncle Sam *will* get the money back whether you can afford it down the road or not.
I'm sure you aren't planning to default but it's something to be aware of.
1
Posted on 7/30/13 at 7:08 pm to foshizzle
Although a student loan is not secured by anything, which is a benefit. It's a ballsy move. But then I am still kicking myself for not taking out every penny I could in student loans back when they were 2.5%(!).
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