Possible stupid fear

[darkroxas45]

I've been debating on if I should take a Subsidized Federal Student Loan of $3500 to help with some bills and get the washer fixed/ get a new one and replace the fridge but I'm against it because if i have enough left I'd buy an electronic drum kit. Feel free to use those *points to a box of steel poles* to bash my stupid head in.

[EricKei]

Just keep in mind that those things add up quickly. Fixing appliances is definitely something worthy of the eventual cost. The drum kit...? That's your decision. You may wish to consider stowing away any overage as an emergency repair fund (for the car, other appliances, etc).

[darkroxas45]

I could always look for the bargain appliances at the (lowes)t hardware store

[Ophbalance]

Yaaaa.... I fell into that trap. I had a Pell grant that covered 3/4 of my actual tuition costs, but the way the loans were structured, they had to take the entire amount out in loans. I was then given the option every semester to roll over the extra amount into paying the loan or taking the money. I, being the naive young fool that I was, took the money. I spent a fair amount of it on books, gas, meals, and actual school related things. However, I ALSO used it as a means of non-stop upgrading of my desktop machine. And I mean constant... from a Celeron 300a, to a peltier cooling block, and nVidia/AMD GPU upgrades to keep up with the "new" games. I have 20 more years of paying on those loans, but the plus side is I got locked into 1.8% interest for the life of the loans. And they don't ever get moved between banks as the state of PA controls them. So as noted, be cautious... you're going to have to eventually pay the piper his due.

[darkroxas45]

yeah I'd have already gone for it since I want to learn drums but I also wanted to learn guitar and well *points to 2 guitars in the corner with some dust on both and rusty parts on the electric* I can play simple stuff, it's just the more complex stuff I can never learn despite the amount of time I try to put in.

[protege]

If I was going to take out a loan, the last thing on my mind would be getting any new toys. I'd get the appliance(s) fixed, maybe do some home (or car) repairs, and put the rest into a fund for possible future repairs.

[darkroxas45]

If I was going to take out a loan, the last thing on my mind would be getting any new toys. I'd get the appliance(s) fixed, maybe do some home (or car) repairs, and put the rest into a fund for possible future repairs.

What i need to do is control my urges pay what is important THEN be dumb

[taxguykarl]

I could always look for the bargain appliances at the (lowes)t hardware store

Try outlet stores and/or keep your eyes open for sales of floor models.
Our fridge is a "retired" (the salesman's adjective) floor model. It was maked down to 1/3 of its regular price because of of a cosmetic dent that you can spot only by shining a beam of light on that side. As we keep it in an alcove, that isn't even visible.
As for student loans, avoid those if at all possible: they can't be discharged in BK. I see 50 y.o.'s still paying on those.

[Sapphire Silk]

An appliance 10 years old or less is worth fixing. Up to 15 years 50-50. 20 years, not worth it. Replace.

Just remember if you take out a student loan to pay for this, you will pay interest on the loan and it is NOT dischargable in bankruptcy. The government limits how much you can borrow; you want to keep that money to pay for school FIRST and FOREMOST.

I would not take out this loan. Student loans should go directly to school related expenses only.

The only things I used my "extra" money for (after tuition, boarding, books, and meal plan were paid for) was rent (I lived in a student rental for awhile) and gas.

The OP is better off using a laundro mat until he can afford to fix the appliance OR to save pennies and buy a new used one from Habitat or someplace similar.

As for other bills, it's probably cheaper in the long run to make a payment plan.

[NecessaryCatharsis]

I got my first washing machine and drier on rent to own. At the time it cost me about $20/week at the laundry, it was $18/week for two years to rent to own a washing machine and drier. Rent to own worked so that the final price was about double paying cash, but that you could pay it off for half whatever was left owing at any time. I payed off the last $250 owing on the drier about 8 months in, then I was paying $11/week for the washer. I payed off the last $220 owed on the washer about 14 months in. I payed more than I would have to walk in and pay for the appliances, but I payed less than I would have to try to use a laundry while saving to buy some.

[Ironclad Alibi]

If you are going to use a loan to buy a washing machine, see what sort of store financing is available. That type of loan is generally not exempt for bankruptcy if such becomes necessary, and it helps to build your credit score.

[Jester]

If you do use the student loan to purchase the appliances (and it does seem there are other recourses available for said purchases), why not put any remaining funds away to pay against the loan or, if the language of the loan allows for it, simply pay the remainder back into the loan to get a head start on paying it back.