<p>I got into a PhD program and will be receiving a stipend every year until I complete my degree. I'm wondering if any of you in addition to the stipend, took out a stafford loan or graduate loan. Is it possible? I'm thinking about taking out a little bit of student loan to buy a new car as soon as I start. My car is old and about to die on me!!!
Anybody have this experience?</p>
<p>I've never been in your position, but logically, why would it not be possible? Banks give loans to people they know can pay them back. If you have a steady source of income, and you're not getting too wild with dreams of a sparkling 2008 Mercedes, it shouldn't be that big of a deal.</p>
<p>Check the rules on the loan. Some lenders won't give you an educational loan if you are fully funded by your university. You may qualify for a regular car-loan though. Join the Credit Union at your new university, and talk to them about what they can do for you. They may have a car-buying service that will take care of all haggling with the dealers, and credit union loan interest rates are usually a lot better than those offered by banks.</p>
<p>Have fun in grad school!</p>
<p>At many universities, it is completely possible to take out a Stafford loan while fully funded. (I did.)</p>
<p>Just check with the Graduate School (administrative office) of the university you'll be attending.</p>
<p>And make sure to file your FAFSA prior to the government's deadline!</p>
<p>Professor X</p>
<p>Thanks for the news about Stafford loans. Back in the last century when I tried to take out a student loan (I don't even remember what it was called, it was so long ago) to supplement my assistantship, I was turned down flat on the grounds that I was considered to be "fully funded". It's nice to know that not every place operates that way!</p>