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Discussion Starter #1
hey any one by the chance to be on a student loan & own a car....
for me i want to use part of the $$ from the loan to get the 3..but than im not sure if they find out..they wont give me loans anymore..like i need the loan togoto school...thou..what im trying to say also is will they still give me loan if i bought a car with my own money?
 

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They don't care about what you do with the money...if you fill in the form and you qualify for a loan then it's ok. But it's hard to qualify for a loan and have enough money to buy a car...be careful with what you say when filling out the form because they will catch you at the end of the year if you make more money throughout the year than what you wrote initialy. My 2 cents.
 

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In Ontario it's almost impossible to get a student loan and own a car. As soon as you apply for a loan (OSAP) they do a check with the MTO (Ministry of Transportation) and check to see if the applicant has any vehicles in their name, if they do then they simply don't get the loan. If you really want to get the car see if your parents can put the car into their name. This should help you in a few ways, firstly, you'll get the car that you want, secondly, you should get cheaper insurance since the vehicle would be in your parent's name, and lastly, you'll be able to get the student loan.
 

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car and student loan

I think you could probably take out some extra money without having to hide it even. If asked (which you probably won't be) just say that you commute to school, thus need the extra money to cover the car expenses, that should be okay.
 

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I dunno - to me, it sounds like a new Mazda 3 isn't the best choice in this situation. What about a good used vehicle? Take it from a guy that's been paying off 30k in student loans for the past 6 years since graduating. It sucks, big time.
 

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I agree that the 3 might not be the car for you, especially a fully loaded one as you say in your signature. Watch the amount of debt you take on, it can really screw you for a long time.
 

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more 2 cents.

I'm a student (US) and I have student loans/grants/etc. and I'm going to be putting down about 10-12k now.

Thankfully, if you work and go to school like myself, then you can pull it off regarding other expenses you have to incur. I think it ultimately comes down to whether or not you can live without the money you are going to use to outright, to buy the car and risk not getting more money. I'm not familiar with Canadian politics regarding loans, but it seems that owning a car negatively affects your chances for some low interest loans.

Advice: save up a portion of the funds from loans each long year, and when you graduate buy a bad ass car. Patience is a virtue.
 

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I'm in a similar situation Max_S. I'll on and will be on financial aid when I buy next month, although I won't be paying for the car with my aid.

If you're going to be paying two payments for your car and loan while you're in school, make sure you budget properly. Those are two potentially large payments, not to mention how much you'll be paying a month for insurance.

As for myself, I'll be putting more than 2/3rds down for the Mz3 and most likely will have my mom co-sign for the car loan and possibly have insurance under her name. I wonder tho, since she won't be claiming me as a dependant on her taxes from now on if the insurance pathway is closed. Nonethless, I'll be paying for everything.
 

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That's kind of what I'm doing. I was awarded financial aid which I used to pay for tuition and the excess I just put in my savings account. I'm not using that money to pay for the car, though. I have a job and financed the vehicle through a credit union. Legally, you aren't allowed to use student loans to finance cars. They're not likely to ever find out, but you never know. As for paying money back, it just depends on how much money you'll be making when you graduate. If you're getting a masters or doctorate you're going to have more in loans, but you're going to make a lot more (on average). I'm not worried about my loan amounts because my degree should get me a good job. If not, oh well. haha You just have to budget out your expenses and see what you can afford. I wouldn't recommend paying for all or most of the car with a student loan, but that's just me.
 

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FR3D said:
why don't you ask your parents to be the owner until you graduate, you can't own a car and apply for student loan
Uh why not? I have about $12,000 in student loans and a $27,000 (after financing) car loan.
 

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Discussion Starter #12
the problem is that my parents cant afford to pay for my car...and yes i can say that the car is under my parents but than what about the insurance..i cant say its there since im going to drive it most of the time......plus i do have around 10000 saved up to....so im not sure...
im waitng probaly till next year till i have around 20 G.
One note is that i only started college and not gonna graduate for the next 4-5 years or so...thats a long time...i dont feel like bussing all the time in the cold winters...i just dont know if its safe to have my name under the car and be on student loan...i can just say my parents bought it or soemthing...plus i do hae a part time job..working about 16 hours a week on average...$9 an hours...so yeah...need some help herere.been thinking about this for some time now...dont want to be caught or else ill b e on this thing whre they check u up for the next 7 years....HELP!!!!!!!!!!!
 

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Are canadian student loans similar to the US?

Here, if you take subsidized loans, you don't have to pay your loan off until 6 months after you leave school permanently. With 4-5 years left of school and 10000k saved up you won't be in bad waters at all.
 

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They don't check to see what you spend the money on, it's the honors system. I borrowed $16000 for 3.5 years and spent it one sex, drugs, and rock n roll.. Well, after tuition (which was nothing at my university - it was too new!).

However, unless you are making money, they may not give you any bit of a car loan.
 

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Max_Sensation said:
yes i can say that the car is under my parents but than what about the insurance..i cant say its there since im going to drive it most of the time......
You most certainly can say that. My old car had the title in my father's name, but it was my car. I paid for the car and my part of the insurance, was on my parents' insurance policy.
 

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Max_Sensation said:
yes i can say that the car is under my parents but than what about the insurance..i cant say its there since im going to drive it most of the time......
let your parents be the owner, but you can put your own name down as the primary driver

MZ6ZoomZoom said:
FR3D said:
why don't you ask your parents to be the owner until you graduate, you can't own a car and apply for student loan
Uh why not? I have about $12,000 in student loans and a $27,000 (after financing) car loan.
they will tell you that you can basically sell your car and pay for your tuition instead of the government giving you loan, that is if they find out you own a car when you apply for student loan
 

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FR3D said:
MZ6ZoomZoom said:
FR3D said:
why don't you ask your parents to be the owner until you graduate, you can't own a car and apply for student loan
Uh why not? I have about $12,000 in student loans and a $27,000 (after financing) car loan.
they will tell you that you can basically sell your car and pay for your tuition instead of the government giving you loan, that is if they find out you own a car when you apply for student loan
We have $3,000 (approx) minimum per year student loans available to everyone. That's all I have. Besides, I don't own the car - the bank does. You don't actually own it until you pay it off. If anything, having the car would HELP get loans because it shows that I have more outstanding debt I can't pay off.
 

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MZ6ZoomZoom said:
We have $3,000 (approx) minimum per year student loans available to everyone. That's all I have. Besides, I don't own the car - the bank does. You don't actually own it until you pay it off. If anything, having the car would HELP get loans because it shows that I have more outstanding debt I can't pay off.
So anyone who applies for student loan gets $3000 no matter what? well here in Vancouver they can give you nothing, there's no minimum to student loan.
 

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$3000 unsubsidized - so you do pay interest even while in school. (Or rather, interest accrues... you don't actually pay it while in school)

I wouldn't be eligible for anything more than that anyway, car or no... I/parents make too much money. (Although now with my bro also in school, I got the big step up... that 3 grand a year is now subsidized... ooh woopty doo... I go to a $40k/yr school, so that really doesn't help)
 
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