Plan on taking out a loan for electrolysis??

Hair Removal Methods Professional Electrolysis
#1

Hi everyone. I am writing this post because I have read some areas in these forums that people are taking out loans for hair removal. I believe they are college students. Does anyone know what type of loans would be good for this? Like low interest loans? the problem I see is that, don’t the loans go directly to the colleges?? I mean, I’m sure people don’t tell their colleges that they are taking out loans for hair removal. Are there types of loans that give the money to you directly? And what to tell the loan givers if they plan to ask what you will do with that money?

  • I’m starting college in spring actually, so I want to know if I can take a loan out separately for hair removal. I am getting financial aid, and I have not applied for any loans because I will not be needing them since my financial aid is paying for most of my tuition, and I am getting certain grants and I’m attending a CUNY, which doesn’t cost much.

-I know I will have to be VERY careful as o how to spend this money, since I will have to pay it back. I want to get my face done. I can’t really stand this hair on my Face : (
If I have to take out a loan, I am willing to!

-I already know of a GREAT electrologist here in my area, so if I can get an excess to that loan money, I’m good to go. I do have some money saved up but even a bit extra would be helpful since I won’t have to be worried about running out of money!

Is this possible??

Can you guys please help? Thanks!

#2

I would caution you on taking out a loan related to your education to pay for hair removal. Interest rates are 6.8% last I heard. Can you think of a more creative way? Family member help, a small job on the side?

#3

When people mention it here, they are usually students. You can’t get a student loan if you’re not a student. And yes, they’re basically using the money they’re supposed to be using for school expenses (which include living expenses such as rent, food, etc. So other students are basically using part of that money on electrolysis).

You may want to look for a part-time job instead as Dee recommends. Or do it in conjunction. You can work off loans by converting them to work-study and working on campus.

Dee, many student loans don’t need to be repaid until at least 9 months after the student is done with school.

#4

full time education whilst trying to find money for beauty treatments -yeah been there!

If its just ure face then perhaps find out from your electrologist approx how much money you’ll need (double that amount!) and defer your college studies for about a year, find a full time job and live from home so you dont pay rent.

That way you will have enough money to complete the treatment, and you go off to ure college all gunz blazing and ready to rip it up! A lot of people take a gap year before going off to higher education and work to have extra spending money later on.

Ure basically gonna need every penny u can get ure hands on when ure a full time student.

#5

I think you are all right! But I have a question, Do the loan givers pay you directly?

#6

Yes, they give you the money since you have to use it to pay tuition, rent, for groceries, etc.

two – Gap year is popular in other countries. Not so much in the US (it should be more popular, but Americans are too worried about getting rich as fast as possible :wink: )

#7

I am currently putting my two daughters through college using student loans so I am somewhat up on the subject. At least in our case, all the money goes initially to the school. The school takes what you owe for tuition and all the other fees. If you are living in a dorm and are on meal plan, they take money for that as well. Then you get whatever is left. The schools tell the banks how much maximum loan you can get. You can ask for less. They do have allowances for transportation, books, etc. My kids are getting about $1500 per semester after all the charges are taken out. If you live off campus and are not on meal plan, there would be a lot more left after school charges. I am not sure if they dole that out monthly or per semester.

#8

This is BS in its usual form, but aside from that, I wanted to ask if it is true that the United States government is truly, now the only place students can go to for college loans? I understand the interest rate is 6.8%. Does that sound right? One of my daughters is in a four year pharmacy program and she has federal loans, but I don’t think she gets money directly handed to her. She does have two jobs and lives at home, so perhaps she declined that option. I’ll have to ask her, since she handled getting the loan.

FYI:

Some of my college students that I have seen over the years have told me that they are using school loans to finance electrolysis, but that was before the federal government took over as the sole source, if indeed they are, so I don’t know if this makes a difference. If one has $1,500 for extra’s, I would think that would be per semester? Another daughter of mine got her Master’s degree through a work study program and they paid her $1,000 per quarter (her school was on a quarters system) still not a lot of money if she wanted to do electrolysis thrown in with other expenses.

#9

The Feds have taken over only the Federal loan programs. For example, each of my kids has two loans: a Federal Stafford loan and a private loan from Wells Fargo. The stafford loans have limits that are nowhere near enough for tuition room and board. Up until last year, the Feds only garanteed the Stafford loans but you went to a bank to get the money. Now they loan the money directly. See http://www2.ed.gov/offices/OSFAP/DirectLoan/index.html for the Direct loan website. They also have parent Plus loans but those are in the parents name. Since the kids have no income, the private loans have to be cosigned and the loan balances do show up on the cosigners credit reports. the federal loans have fixed interest rates while the private loans are variable.

#10

Holy cow with those private variable loans. Thanks for the info.

#11

also to clarify, its not called Direct Loan because they give the money directly to you. It still goes to the school first and then the school gives you whatever is left after fees. Its called “Direct” because the government now sources the money “directly” instead of guaranteeing the bank loan. The terms have stayed the same and its still called a Stafford loan (or whatever the program). The priavte bank loans having nothing to do with the federal programs.

#12

so for any type of a private loan, there must be a cosigner??

#13

wait, I’m confused now. What’s the difference between a Direct Loan and a Private Loan? Also, You said that the money still goes to the school first, but doesn’t the money go to you if it’s a Private Loan?

#14

sorry if its confusing. A private loan needs a consigner if the student does not have enough income to qualify on their own. If somehow you have income but still want a loan then you may not need a cosigner. The Direct loans do not need a cosigner and they are in the students name only.

A Direct loan now comes from the government. They have a number of loan programs. We use the Stafford program becbause I have too high an income for the kid to qualify for the other programs. There are other programs. Some of them you need low income in your family to qualify for. Pretty much anyone can get an unsubsidized Stafford which mean the student or family pays the interest. Low income families might qualify for a subsidized Stafford in which case no interest is charged while the student is in school. See the web site I posted above for all the programs. The problem with Stafford loans is that they are not big enough to pay for all expenses in our case. Also the Stafford loans get bigger over each of the typical four years. You’ll get less as a freshman than as a senior. I am using private loans to make up the difference. here is an example: One year of school at a Cal State is $22,000 . Let’s say Sophmore year we can get $5000 with a Stafford Direct loan. I still need $17,000 so I get a private loan from say Wells Fargo for $17,000. Lets also say that the school’s charges are $20,500. The school tells the bank how much more a student should have so you can’t just ask for any amount. The school sets a maximum. Both loans fund their money to the school so the school receives $5000 from the governement and $17,000 from Wells fargo. The school subtracts their $20,500 and then they give the remaining $1500 to the student. If the Stafford loans were bigger, we would not need the private loan.

Hope this helps.

#15

ok thanks a lot! That was a lot of info. I have another question. What type of loan should one take out if one does not want any school involvement? You said “The school tells the bank how much more a student should have so you can’t just ask for any amount. The school sets a maximum.” So what type of loan should one take out so the school does not interfere or the money directly goes to the student and NOT the school?

#16

the school has to “certify” the loan amount to the bank before the bank will sens money. So if you ask for $25000 and the school only certifies 22,000, that is all you will get. The amount they will certify is all the school expenses including room and board either on or off campus and allownace for other expenses like book, transportation, etc. the schools financial aid office will have a budget showing how much they allow and will certify.

Loans that would not involve the school: credit cards, home equity lines of credit, relatives. I don’t know if there are any student loans that don’t involve the school. I just know mostly about the types of loans i am now using. I’ll tell you that back around 1980 when I was in grad school, things were different. I didn’t need any loans but money market funds were paying 18%. My friends were just getting student loans and investing the money. Seemed like a good idea so i did it too. In those days the money did go directly to you. Maybe there were so many abuses Ilike us investing the money)that they changed they way they do things.

#17

wow you guys actually invested loan money? haha! nice. Well, thanks a lot for the info. I will be looking into different types of loans.