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Dave Ramsey: "I just bought a $10,000 car. Can I use my student loans to pay off my car?"
Posted on 4/27/21 at 4:11 pm
Posted on 4/27/21 at 4:11 pm
YouTube
Caller: "Hey, Dave. I'm currently a student on scholarship so schooling is free and I'm also a resident advisor so I don't pay room and board. So, I just bought a $10,000 car so I'm $10,000 in debt. With the Left talking about student loan forgiveness, should I use student loans to pay off my car?"
Dave: "So, as a taxpayer, are you expecting me to pay for your car? Don't you think that's immoral?"
Caller: "Yeah, a little bit. But if the opportunity is there..."
Caller: "Hey, Dave. I'm currently a student on scholarship so schooling is free and I'm also a resident advisor so I don't pay room and board. So, I just bought a $10,000 car so I'm $10,000 in debt. With the Left talking about student loan forgiveness, should I use student loans to pay off my car?"
Dave: "So, as a taxpayer, are you expecting me to pay for your car? Don't you think that's immoral?"
Caller: "Yeah, a little bit. But if the opportunity is there..."
9
Posted on 4/27/21 at 4:29 pm to finchmeister08
People can now use up $10,000 from a 529 account to pay off student loan debt. So I’m not saying that someone should use their loans to pay off a car, but I could see a situation (lower interest rate; using tax free growth from 529 to pay off debt; subsidized loans not incurring debt for a few years), where it may not be the worst financial decision.
That said, given the interest rates, it’s possible that a more favorable rate on a car loan than anything else.
That said, given the interest rates, it’s possible that a more favorable rate on a car loan than anything else.
Posted on 4/27/21 at 4:30 pm to finchmeister08
quote:
Can I use my student loans to pay off my car?
Should be illegal
Posted on 4/27/21 at 4:42 pm to Ostrich
quote:
Should be illegal
Pretty sure it is.
I think you even sign a document stating you will only use the loans for schooling and other related expenses.
Posted on 4/27/21 at 5:01 pm to ISEN_AG
Transportation could fall under related expenses just like room and board do.
Posted on 4/27/21 at 5:26 pm to finchmeister08
I subscribe to the fact that people call in to troll him
Posted on 4/27/21 at 5:41 pm to finchmeister08
Pretty good plan from this kid. If they’re going to do loan forgiveness, might as well take advantage.
Posted on 4/27/21 at 5:42 pm to ISEN_AG
quote:
Pretty sure it is.
I think you even sign a document stating you will only use the loans for schooling and other related expenses.
I know my wife got money for living expenses while she was in grad school because she was not allowed to have a job while in grad school.
Posted on 4/27/21 at 5:53 pm to finchmeister08
I used my student loans to buy a kegerator and build a bar. Best use of that money during my six year tenure at LSU.
Posted on 4/27/21 at 6:06 pm to finchmeister08
My wife did this back in college long before we met. I still give her shite about it. I blame her parents for letting her do ith though.
Posted on 4/28/21 at 8:04 am to finchmeister08
I used the last of my grad school loans for LASIK surgery. Best fricking thing I've done.
Of course I paid it all back busting my arse as a roustabout for a year afterwards. But I could see dammit.
Of course I paid it all back busting my arse as a roustabout for a year afterwards. But I could see dammit.
Posted on 4/28/21 at 8:28 am to AllDayEveryDay
i know people who used their loans to buy boobs, botox, and expensive vacations. the age of instagram...
Posted on 4/28/21 at 1:00 pm to Gabe Rippen
i know several people who bought vehicles with their student loans. Along with furniture and vacations.
Posted on 4/28/21 at 1:11 pm to finchmeister08
This mentality is what is wrong with society today. I hate anyone who thinks like this.
Posted on 4/28/21 at 1:27 pm to jfw3535
I should assume then that you don't claim any tax credits or deductions that you are eligible for?
Posted on 4/28/21 at 1:48 pm to jfw3535
quote:
I hate anyone who thinks like this.
How do you feel about people and companies who use the bankruptcy laws for financial gain? Not a poke. Simply curious.
Posted on 4/28/21 at 2:08 pm to Jag_Warrior
First off, let me say that based on the facts presented, this kid planning on taking out a loan to pay off his car note with the express intention of having the government (i.e., our tax dollars) paying back that loan. I think the kid's a piece of shite.
On bankruptcies, it depends on the situation. If someone goes out (like this kid wants to do) and runs up a ton of bills with no intention of paying them back and instead just plans to escape by filing bankruptcy when the party's over, then I likewise think that person (or company) is a piece of shite.
Someone placed into a situation of hardship that is no longer able to pay their bills and wants to wipe the slate clean by declaring bankruptcy and getting a clean start, then I'm a bit more sympathetic in that situation.
Bottom line is that I am a very staunch believer in personal responsibility and accountability and people that just want to game the system to get something for free (which really means I'm fricking paying for it), then I think that person is a cancer on society and a piece of shite. Those are my beliefs, harsh as they may be.
On bankruptcies, it depends on the situation. If someone goes out (like this kid wants to do) and runs up a ton of bills with no intention of paying them back and instead just plans to escape by filing bankruptcy when the party's over, then I likewise think that person (or company) is a piece of shite.
Someone placed into a situation of hardship that is no longer able to pay their bills and wants to wipe the slate clean by declaring bankruptcy and getting a clean start, then I'm a bit more sympathetic in that situation.
Bottom line is that I am a very staunch believer in personal responsibility and accountability and people that just want to game the system to get something for free (which really means I'm fricking paying for it), then I think that person is a cancer on society and a piece of shite. Those are my beliefs, harsh as they may be.
Posted on 4/28/21 at 2:42 pm to jfw3535
One of my good friends used student loans to pay for a membership at an exclusive duck hunting camp. He makes good money now and think he has them paid off. No harm no foul I guess.
Posted on 4/28/21 at 3:00 pm to WDE24
quote:
Transportation could fall under related expenses just like room and board do.
Paying off car debt does not equal "transportation" in the eyes of the loan originators.
If he paid off a car note with federal debt and gets audited by the IRS, I can assure you he is fricked.
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