Events & Promotions
|
|
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized
for You
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Jun 1208:30 PM IST
-09:30 PM IST
Join us for a live Coffee Chat where we discuss how applicants from competitive backgrounds can differentiate themselves and build a stronger MBA application.
Jun 1608:00 PM PDT
-09:00 PM PDT
Inquire for a free profile evaluation and guarantee statement for possible admits and scholarships!
18 Mar 2010, 19:22
Kudos
Bookmarks
I need advice. I have some debt, unpaid car loan and some revolving credit card debt. I am heading to business school this Fall and I would like to know what my best options are.
A friend of mine suggesting taking out a loan to pay off my debt. Are there other options outside of paying it off. I would like to keep my car if possible. Thoughts?
A friend of mine suggesting taking out a loan to pay off my debt. Are there other options outside of paying it off. I would like to keep my car if possible. Thoughts?
18 Mar 2010, 20:14
Kudos
Bookmarks
if you don't have much credit card debt, i would pay it off from savings or your pay checks (just tighten your budget over the next few months), although i'm sure most of us will end up using them again while trying to make ends meet as struggling students. i also have a car loan, i plan on selling my car (hopefully to a private buyer, if not, then to a dealer) and paying whatever difference there is between the sell price and what i owe (i'll never buy brand new again 
), there's no way to pay for it while in school unless i hid it in my living expenses, but i don't see the point in paying a loan with a loan.
), there's no way to pay for it while in school unless i hid it in my living expenses, but i don't see the point in paying a loan with a loan. 
19 Mar 2010, 07:30
Kudos
Bookmarks
Generally speaking, you'll want to pay down as much debt as possible before entering school, since the lack of income while you're in school means you're making debt payments from savings or from student loans. That said, I know several people who have cars here and are making car payments, so it is possible. It's really up to you to decide whether having a car at school is worth the expense considering your student budget.
I would still recommend paying off as much credit card debt as you can, since there's really no upside to carrying credit card debt. Taking out a loan to pay off credit cards may make sense, if you can get an interest rate that's significantly lower and if you can afford the payments on the new loan while in school (credit cards generally have lower payment requirements than most loans).
I would still recommend paying off as much credit card debt as you can, since there's really no upside to carrying credit card debt. Taking out a loan to pay off credit cards may make sense, if you can get an interest rate that's significantly lower and if you can afford the payments on the new loan while in school (credit cards generally have lower payment requirements than most loans).
