im pretty sure you can take out a student loan without your school knowing. either way it doesn't matter, a student loan can legally be used for paying tutition, buying books and school supplies, paying room and board, etc. I highly doubt your school would investigate your spending of a student loan, and even if they did it would be hard for them to find what you spent it on. I wouldnt worry about getting in trouble for spending it on something other than school. I have plenty of friends who have taken out student loans and used the money on other things. You will most likely need a co-signer so you probably will have to discuss this with your parents. Dont be afraid to talk with them about it, im sure they want you to be happy and will help you.

Ok. But if I need a co-signer either way, I might as well go with a financial company, right? Or the student loans probably have lower interest rates.

As of now, there isn't much difference to me between a $8,000 or $10,000 transplant. I just can't afford either of them. But I'll look around. I'd like to stay within the Chicago region. But I really liked Konior though. Decisions, decisions, decisions.....

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Why dont you get a student loan from someone like Fannie Mae?

Most of those loans are an interest only monthly payment until you graduate college.

Interest only loans until you graduate? Sounds like they are doing you a favor! NOT!

Come on Aaron, It sounds like you are very concerned about how you're going to afford this surgery. Thats not good man. IMO you should save some money, wait a while and not cause yourself more stress which in turn could make you lose more hair! Try shaving your head for a while. You may like it.

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Originally posted by dakota3:

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Why dont you get a student loan from someone like Fannie Mae?

Most of those loans are an interest only monthly payment until you graduate college.

Interest only loans until you graduate? Sounds like they are doing you a favor! NOT!

Come on Aaron, It sounds like you are very concerned about how you're going to afford this surgery. Thats not good man. IMO you should save some money, wait a while and not cause yourself more stress which in turn could make you lose more hair! Try shaving your head for a while. You may like it.

When you take a student loan through Fannie Mae, like I did, you make monthly INTEREST payments. You do not have to pay on the principal borrowed until you are done with school. Thats how it used to be, anyway.

So, yes, they are doing you a favor if you compare that to a bank loan.

I'm not suggesting anyone do this, but if your choices are limited, this is a smart way to borrow.

But I think you should do more research, and at least I know you will get your money's worth through Dr. Konior, so I dont have to worry about telling you to research the doctor, as I've used him before myself.

Do NOT go through anyone other than a bank or a student loan to borrow. Credit card advances are way too high anyway, so that option not being available is a good thing.

Dont get ripped off. A student loan removes the prospect of borrowing from predatory lenders

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When you take a student loan through Fannie Mae, like I did, you make monthly INTEREST payments. You do not have to pay on the principal borrowed until you are done with school. Thats how it used to be, anyway.

So, yes, they are doing you a favor if you compare that to a bank loan.

W/ an interest only loan you are not paying towards the balance, so in essence you start from scratch after you're done school.

So if you borrow 10k,so after 4 years of school you still owe 10k.

I know that it may be the only option at this point, but they certainly arent doing you any favors by offering this type of plan.

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Originally posted by dakota3:

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When you take a student loan through Fannie Mae, like I did, you make monthly INTEREST payments. You do not have to pay on the principal borrowed until you are done with school. Thats how it used to be, anyway.

So, yes, they are doing you a favor if you compare that to a bank loan.

W/ an interest only loan you are not paying towards the balance, so in essence you start from scratch after you're done school.

So if you borrow 10k,so after 4 years of school you still owe 10k.

I know that it may be the only option at this point, but they certainly arent doing you any favors by offering this type of plan.

Actually, they are doing you a favor if you are a grad student and cannot afford to repay the principal while in school. You get the money now and are not paying high interest rates, nor seeing the prinicpal grow while making very small monthly payments. It's an option, maybe not one everyone agrees with it, but it certainly is better than borrowing at an artifically high interest rate.

My wife didn't have to pay anything until 6 months after her last class; and the government paid the interest while she was in school. Then the rate was set at like 0.50 over prime.

I believe it is a Stafford Loan. It was better than ANY alternative; other than not going to school.

The thing is is that I know I could handle a $200 monthly payment. I do have the option to pay off the principal while I'm still in school, right?

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Actually, they are doing you a favor if you are a grad student and cannot afford to repay the principal while in school. You get the money now and are not paying high interest rates, nor seeing the prinicpal grow while making very small monthly payments. It's an option, maybe not one everyone agrees with it, but it certainly is better than borrowing at an artifically high interest rate.

I guess we all see things a little differant! I think that even though the principal is'nt rising "which it never does" It also is'nt going down. After the 4 years you still owe the whole amount of the principal and still have interest. Banks will always come out on top.

Wylie, You are right though. It is easier while you are in school to have a smaller payment.

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Originally posted by aaron1234:
The thing is is that I know I could handle a $200 monthly payment. I do have the option to pay off the principal while I'm still in school, right?

Of course.

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Originally posted by dakota3:

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Actually, they are doing you a favor if you are a grad student and cannot afford to repay the principal while in school. You get the money now and are not paying high interest rates, nor seeing the prinicpal grow while making very small monthly payments. It's an option, maybe not one everyone agrees with it, but it certainly is better than borrowing at an artifically high interest rate.

I guess we all see things a little differant! I think that even though the principal is'nt rising "which it never does" It also is'nt going down. After the 4 years you still owe the whole amount of the principal and still have interest. Banks will always come out on top.

Wylie, You are right though. It is easier while you are in school to have a smaller payment.

But, Dakota; you are missing a very important point. After the 4 years he will have a head full of hair as well!

Seriously, I wouldn't recommend someone over-extend themselves for sure; but I'll say again this is a hell of an investment and I'd drive around in a 1989 Pinto I guess if I had to in order to get it fixed.

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But, Dakota; you are missing a very important point. After the 4 years he will have a head full of hair as well!

Good point! However hopefully he doesnt get so stressed over money that his new hair falls out. LOL! That would suck!