school loans

[1986montecarlols]

Hey guys, i got a serious question here, well as many of you know im having some serious family issues, dad passed away a while back, moms home from nursiing home and related family is taking care of her, The question i have is this..

I am now an independant student being that im 24, and well i only owe 24K in loans which is really good considering its my final year, im getting the full 5500 in pell grants and possibly a few 3K more in other grants. I am also recieving 5500 for subsidized loans. My question is well i can also take out an additional 7K in loans that would be 6.8% unsubbed, The initial 5500 I get in subbed loans will be used for my apartment and job looking for a better job. Do you guys think it would be wise to take out hte other 7000 to perhaps get a newer car, my monte is not a bad car but ill be traveling 80 + miles a day to CMU for grad school in less then a year, i need something reliable, I was thinking once again about a 94-96 impala ss or something. What are you guys opiniions, yes i understand loans have to be paid back but well i think for hte most part it would be an ok idea, just wondering what you all think of it. btw, since im bale to take out 12,500 a year now as an independant student does my school even have to award me that extra loan money if i ask to take it out, id like to know

 

[carmangary]

You have to make up your mind. No way I would do it, though. Not $7000 for a 15 yr old car. Not at 6.8%. For $7K you can get something newer and probably more reliable. There will be plenty of time for fun cars when you have a job and have money coming in. Get yourself something like a used Honda that gets good gas mileage if you have to drive that far. I've been in your shoes and did something similar to what you are thinking about. And I still think back how stupid of me it was.