What do you think of

[Aimster]

Total Loan Amount: 40k

Put 10k of it into savings. 5% versus 8% loan payment. You are losing 3%.

Since student loan payments do not hurt you that much when you buy a house, use that 10k towards down-payment on house.

 

[Koing]

All on black 😀, or invest it and you could be up 15% a year or be shafted...

Koing

 

[freegeeks]

can you use a student loan for a down payment 😕

 

[Ns1]

Originally posted by: freegeeks
can you use a student loan for a down payment 😕

it's the extra money borrowed for cost of living

 

[ric1287]

Originally posted by: freegeeks
can you use a student loan for a down payment 😕

if you get a private loan where they just cut you a check.

 

[nakedfrog]

I don't understand.

 

[DaveSimmons]

Sounds risky to me. If you can't afford the down payment without borrowing, you should just rent for a bit longer.

I still rent, but it's because I can't stand the idea of a $400K mortgage for just a condo, and a $800K house is a little above my price range.

 

[fallenangel99]

I used student loans (refunds) to pay off CC debt (about 800) when i was like 19 or 20. I'm glad I don't do things like that anymore.

however, one BIG mistake i made was paying off my 21K student loans the 1st year I worked. I should have just taken my sweet time and paid it off slowly.

 

[purbeast0]

aren't you in VA close to DC?

10K will hardly cover closing costs on a house around NOVA.