Student loans for drinking money
 

Alright I've done some research into student loans because I want extra money without working for it right now. This money would purely be for drinking/my entertainment. My parents cannot know about it. I was thinking about about $5,000 for my last year and a half in school. The payment for that would be like $90/month for 7 years after I graduate, so nothing basically. Anything I don't spend by graduation would just go right back into it.

I have about $300k in assets so I really doubt I would need a co-signer, but all that money is managed by my Dad and asking for that much for drinking wouldn't be good. I see this as a way to have an absolute kickass time for the rest of college with very minimal downside after graduation (small monthly payment). Anyone ever done anything like this? Any advice on places to look? Think 5k is too much/little? I've never had a loan of any kind and have only had a credit history for about 5 months now, would I still get rejected even with all the money to my name? Any thoughts or answers would be good.

Re: Student loans for drinking money
 

you're in [censored] new orleans. get a job bartending. drink while you work. profit.

Re: Student loans for drinking money
 

http://apps.facebook.com/lending-club/

enjoy!

Re: Student loans for drinking money
 

STudents loans through your school do not require credit checks and they do not inform family members of your decisions.

Re: Student loans for drinking money
 

wow....

Re: Student loans for drinking money
 

$5k for drinking it a lot.

http://img215.imageshack.us/img215/1686/ncukemu8.gif

Re: Student loans for drinking money
 

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I have about $300k in assets

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I don't get it. Why not use this?

Re: Student loans for drinking money
 

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I have about $300k in assets

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I don't get it. Why not use this?

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all that money is managed by my Dad and asking for that much for drinking wouldn't be good

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It's all tied up in stocks and funds anyway, and my main savings account is managed by him too, so it's not like I can take $5k out just for fun with nobody knowing. I assume I'll take over all of this after graduation when I find a job and get settled somewhere.

Re: Student loans for drinking money
 

Since you have so much and only need $5k, just go to BankofAmerica.com or something and do one of their educational loans.

Re: Student loans for drinking money
 

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all that money is managed by my Dad

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So, you have absolutely no control over the cash? Do you have any plans on getting control of it? I assume you're over 18 at this point.

Re: Student loans for drinking money
 

This idea is fine, you will have no problem getting approved at a good rate

Re: Student loans for drinking money
 

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all that money is managed by my Dad

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So, you have absolutely no control over the cash? Do you have any plans on getting control of it? I assume you're over 18 at this point.

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I assume I'll take over all of this after graduation when I find a job and get settled somewhere.

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Read plz.

My Dad does high finance for a living, so honestly I'd rather him have control over it right now. All I have to do is occasionally sign some forms and send them to my financial adviser. I guess legally I could do whatever I wanted with it, but his idea for this money is that it's a retirement fund, so I can stop working way earlier. I doubt all of it will end up as that, but a lot of it will.

Re: Student loans for drinking money
 

Just tell your dad the truth... that you're a cokehead and it's gonna take $5k of his money to keep you quiet when the neighbors are around. [img]/images/graemlins/grin.gif[/img]

Re: Student loans for drinking money
 

Is that facebook lending thing legit?

If I loaned money, is that basically like a 12% ROI or interest (w/e its called). Thats like 7% better than my money market account.

Re: Student loans for drinking money
 

no point in taking out a loan and paying back intrust. 90 dollars a month for 7 years LOLLz im sure you would pay it back much sooner. and if you wanted to make a good financial decision you should just tell your dad you want some extra spending money he will understand. if u have 300k 5 k is like 1.5 percent, you should just put 5k on roulette in vegas and martingdale til' u win

Re: Student loans for drinking money
 

LOL @ giving your dad so much control of your money. i mean come on man, it's YOUR money; spend it on whatever the [censored] you want. if you inherited it then maybe i could understand; but, if your dad is your "financial advisor," then he should act like one and let you do whatever you want with your money.

Re: Student loans for drinking money
 

Uh, it is inherited.

Re: Student loans for drinking money
 

or you could just become a man of the night and ravage womenz

Re: Student loans for drinking money
 

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LOL @ giving your dad so much control of your money. i mean come on man, it's YOUR money; spend it on whatever the [censored] you want. if you inherited it then maybe i could understand; but, if your dad is your "financial advisor," then he should act like one and let you do whatever you want with your money.

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I'm gonna go out on a limb and guess that this 300k wasn't "earned" directly by the OP, but that it's sort of a gift/trust from his parents.

OP: Talk to your dad about wanting more spending money. Just mention that you are just trying to smooth out your consumption curve to maximize your overall utility.

Re: Student loans for drinking money
 

Do you not have a debit card? Just spend the money in your savings account. Why do you need 5k? Are you sure you aren't dealing drugs?

Re: Student loans for drinking money
 

5k for drinking, lolzzzzz

Re: Student loans for drinking money
 

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Do you not have a debit card? Just spend the money in your savings account. Why do you need 5k? Are you sure you aren't dealing drugs?

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you mean doing drugs?

Re: Student loans for drinking money
 

Or tell Dad you want to enjoy some money. If he says no, say that you'll get a loan that you'll pay back later when you get control of the money. He should see it makes more financial sense to just give you the dough up front.

Re: Student loans for drinking money
 

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Do you not have a debit card? Just spend the money in your savings account. Why do you need 5k? Are you sure you aren't dealing drugs?

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I have 2 debit cards, one for my account at home, which has my primary savings, which is also at the bank where my Dad works, meaning he has access to what I am doing with that money. He wouldn't like me using it for this.

The other one is for my account at school which has significantly less in it.

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5k for drinking, lolzzzzz

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I'm already putting up about two thousand per year drinking here. This could be used for other things too, like better accommodations on spring break, or renting out a bar for a party, or better nights out to dinner, etc. or...

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you mean doing drugs?

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Sadly, no.

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Or tell Dad you want to enjoy some money. If he says no, say that you'll get a loan that you'll pay back later when you get control of the money. He should see it makes more financial sense to just give you the dough up front.

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I'm not asking him for any money that he's basically put in a trust for me later on in life to drink now. It's more of a respect issue than a "make financial sense" issue; I don't mind paying back the loan after graduation since I can pay it back way ahead of schedule once I actually have a job. As far as I'm concerned, that money is technically still his until I have complete control over it -- it's just in my name. He earned it, not me.

Re: Student loans for drinking money
 

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Or tell Dad you want to enjoy some money. If he says no, say that you'll get a loan that you'll pay back later when you get control of the money. He should see it makes more financial sense to just give you the dough up front.

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NozeCandy, this is your best strategy, imo.

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I'm considering it, but I think it would just cause him more stress/irritation than anything (and he is under a lot right now) and I wouldn't mind taking a minimal financial hit later to maintain good relations with my parents. Then there's the aforementioned respect issue, as I know he won't view this as a legit use of the money he's saved for me.

Re: Student loans for drinking money
 

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you're in [censored] new orleans. get a job bartending. drink while you work. profit.

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I'm serious about this. I graduated from Tulane in 2003. I worked about 25 hours a week bartending at various places over the 5 years I was there; I drank for free, I gave away free drinks, and I was never wont for spending cash.

Is getting a job not an option?

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It is, but various scheduling conflicts make it difficult right now. I'm taking a lot of credits and still have an internship, but it should be easier to hold one down if I want next semester. What bars did you work at?

Re: Student loans for drinking money
 

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Is that facebook lending thing legit?

If I loaned money, is that basically like a 12% ROI or interest (w/e its called). Thats like 7% better than my money market account.

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srsly

anyone know about this?

EJ, were you posting it as a joke or as a suggestion?

Re: Student loans for drinking money
 

hitman?

Re: Student loans for drinking money
 

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Is that facebook lending thing legit?

If I loaned money, is that basically like a 12% ROI or interest (w/e its called). Thats like 7% better than my money market account.

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srsly

anyone know about this?

EJ, were you posting it as a joke or as a suggestion?

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you're going to trust random fb people with a loan? people that are likely desperate for beer money.

Re: Student loans for drinking money
 

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Is that facebook lending thing legit?

If I loaned money, is that basically like a 12% ROI or interest (w/e its called). Thats like 7% better than my money market account.

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srsly

anyone know about this?

EJ, were you posting it as a joke or as a suggestion?

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you're going to trust random fb people with a loan? people that are likely desperate for beer money.

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And how do the lenders earn almost 12% interest if the borrowers are paying less than 8%?

Re: Student loans for drinking money
 

Play a $10 Donkament and win the $5,000 1st prize?

Re: Student loans for drinking money
 

I tended at Jimmys, what was Waldos back then and is now called the Palms I think (broadway/freret), a short stint as a restaurant bartender at Straya (now the Cheesecake bistro) and at GRITS over on lyons next to F&M's patio bar.

edit: after I graduated I worked the breakfast shift at Brennans. That was a sweet gig.

Re: Student loans for drinking money
 

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5k for drinking, lolzzzzz

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I actually consider this on the low side.

Re: Student loans for drinking money
 

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5k for drinking, lolzzzzz

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I actually consider this on the low side.

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QFT

Re: Student loans for drinking money
 

You feel you need $5000 for drinking, and when pressed as to whether or not you're doing drugs, you respond "sadly, no". This is during a time when you are nearing college graduation.

Going out on a limb here, but, might want to consider keeping your eye on the ball?

Re: Student loans for drinking money
 

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You feel you need $5000 for drinking, and when pressed as to whether or not you're doing drugs, you respond "sadly, no". This is during a time when you are nearing college graduation.

Going out on a limb here, but, might want to consider keeping your eye on the ball?

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He's got his eye on the ball all right... the eight-ball. [img]/images/graemlins/grin.gif[/img]

Re: Student loans for drinking money
 

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And how do the lenders earn almost 12% interest if the borrowers are paying less than 8%?

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Notice the lack of "APR" next to the 12% figure.

Re: Student loans for drinking money
 

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You feel you need $5000 for drinking, and when pressed as to whether or not you're doing drugs, you respond "sadly, no". This is during a time when you are nearing college graduation.

Going out on a limb here, but, might want to consider keeping your eye on the ball?

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Haha, I'm going to graduate on time and am not even close to being worried about it. The "sadly, no" was a joke.