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Re: Purchasing a Horn with a Student Loan

Postby hup_d_dup » Sun Sep 03, 2017 7:08 am

bloke wrote:This site has changed over the years.
Long ago, when I warned against student loans here (mostly for buying instruments...but also just "in general"), I was vilified by most.
Has academia evacuated, or is it something else?


How about this:
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Re: Purchasing a Horn with a Student Loan

Postby pauvog1 » Sun Sep 03, 2017 7:45 am

bort wrote:Cheaper to use a student loan than to use a credit card!

If the Cerveny is not limiting your opportunity and it is a matter of personal preference, I would say to wait until next summer. Stick it out this year, sell your piggy here in the summer, and work a few jobs between now and then. I'm sure you will easily make more than $6k by next August, and will have a healthy budget and a lot of options to choose from.


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Re: Purchasing a Horn with a Student Loan

Postby MaryAnn » Sun Sep 03, 2017 1:18 pm

I used a student loan to buy a piano. (just got the loan, bought a piano with it, never said what I was going to use it for.) BUT mine was an engineering degree and paying back all my student loans was in a whole different category, salary-wise, than someone coming out with a music degree. Loans were cheaper then, too, 5%. If you don't really NEED it, don't do it.
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Re: Purchasing a Horn with a Student Loan

Postby Watchman » Mon Sep 04, 2017 7:24 pm

bloke wrote:This site has changed over the years.
Long ago, when I warned against student loans here (mostly for buying instruments...but also just "in general"), I was vilified by most.
Has academia evacuated, or is it something else?

I'm going to say a lot of unpopular things.

"Those people" have largely been driven away. Back in the day when I was a wannabe tuba player hanging out with other wannabe tuba players, one thing we could all agree on was the "uncoolness" of TubeNet. NOBODY ever came here to read and contribute we would say. Most of the posters were dumb idiots, and if you ever were caught posting, you were the topic of ridicule. The only forum anyone would own up to reading was "Auditions", because that was where the jobs were, and why are you wasting time on TubeNet when you could be banging out Meistersinger a 131,988th time. Heck, that's why I've never posted with my real name. Wouldn't want my best buddies making fun of me now, would I?

John DiCesare wrote:I don't regret taking a small loan to upgrade my instrument for one second.

Hey look! Lost in this thread is a comment from a top professional who took out a loan to upgrade his instrument, got the job, and doesn't regret it at all! So, if you want to get the loan to buy your York, just be REALLY REALLY REALLY REALLLLY sure you aren't going to be flipping burgers after grad school. If you are, well.....hopefully you have rich parents, or a trust fund, or something, cause the loan company doesn't give a crap, they just want their money.

One final point about said loan companies...as person with a modest student loan debt compared to some, I have had mostly positive experiences dealing with my company as far a repayment. Unlike other forms of debt that are more insidious in my opinion, like Credit Cards, student loan companies can be rather forgiving. They mostly just care that you make regular payments and can be rather flexible. There's also a lot of ways to get portions of them written off. I'm about three years from having a big chunk go away. Just whatever you do, DO NOT GO INTO DEFAULT! Call, and explain what is going on in your life. Surprisingly, they understand most of the time. Try and do that with the bank. You will be ok. It's all just money anyway.

That said, I personally would never take out a loan to buy a horn, but that's just me.
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Re: Purchasing a Horn with a Student Loan

Postby swillafew » Mon Sep 04, 2017 8:30 pm

I bought a Yamaha YBB-641 in 1980 with maximum loan amount, which was 300 short of a new Miraphone 186 with a hard case. In other words, my budget included one instrument, the Yamaha. It was my first horn in the spring of my sophomore year of a music ed. major. It left me with 700 to play around with and my first tuba.

If I had owned a Cerveny tuba of any kind, I would have played that.

If money is dear, keep that Piggy close.
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Re: Purchasing a Horn with a Student Loan

Postby Travis99079 » Tue Sep 05, 2017 12:53 pm

The $2K I paid for my Mack Brass was pretty negligible compared to what I'd amassed through college. Being a graduating senior, I wanted my own horn and talked myself into it. Even during one 18 hour semester, I worked overnight shifts as a flow team member at Target and was not able to save up for a tuba. Now that I have monthly expenses and loans to pay back, I'm glad I at least have a tuba to play. Saving is still not much of an option yet. My situation may not be everyone's though. If you already own a horn, especially a versatile one, I would avoid spending loan money on a shiny new horn. Play what you have, earn the upgrade later.
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Re: Purchasing a Horn with a Student Loan

Postby bort » Tue Sep 05, 2017 1:06 pm

Move to a state with $15/hour minimum wage. :?
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Re: Purchasing a Horn with a Student Loan

Postby NCSUSousa » Tue Sep 05, 2017 2:17 pm

Don't use a 'student loan' for buying anything other than an education. A 'loan' for a tuba - yes, but a 'student loan' - absolutely not.

Please understand the differences and why the banks will give student loans to people with no income and only a chance of graduating with a degree in 4-5 years.
The primary difference I've found is this - If you go into bankruptcy, you can get a normal loan (or credit card) cancelled, but you cannot get a student loan cancelled. That is why credit scores exist - to tell the bank how much they risk losing you and your future income to a bankruptcy ruling.

Student loans are built specifically to protect the banks from the possibility that you don't succeed in college. In short - if you DON'T graduate and get a job out of college, they can just keep charging you interest against your future earnings and you will still owe every penny when you finally get back on your feet. It's a REALLY BAD DEAL for anything other than paying for the college education that you need to get the higher paying job that you want.

Also, to Dr. Green's note about 'subsidized' loans - There is a borrowing limit for that kind of loan. The subsidy is from the government and is need based. As tuition rates increase each year, a student will hit the subsidized limit simply for tuition and books. Even attending a state school as an in-state student, living in the dorms and paying for school with grants and scholarships (some of which were need based), I still needed unsubsidized loans each year I was in college just to pay for essentials. I doubt that's changed much in the past 15 years. Also, the subsidy only pays the interest while you're maintaining degree progress. With just one bad semester (below 12 semester hours passed), or if you take more than a summer off for work (other than a co-op), the interest starts to accrue.
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