OP isn't that fraud? Taking a personal loan or using a credit card is one thing but how exactly are you planning on getting a student loan for "not being a student". Also buying an investment on credit because it can't go down is a good way to royally screw up your finances.
I don't know about the laws around student loans, but I think they're pretty lax until you get in trouble. A lot of people use some/most of the money as "living expenses" if they don't have a part-time job. I also knew a guy who bought a motorcycle with student loans. So, go figure.
Yeah they don't pay any attention to what you're doing with those loans. I mostly use mine for food and shelter
I bought a phone too, but the loan money mixes with your regular money so they don't know what's what. I don't know if OP could get caught.
:/ I didn't know that this might be fraud, I have known people who used their student loan to buy a house. I will do more research into this. I picked a student loan because I am in school and I won't have to pay it off for a while.
Actually, how much would interest cost for these loans once the 5-10 years is up? Is it still worth it considering?
I would assume he would buy the bitcoins never sell them, and pay back the loan asap working a job...
I have a feeling he already has student loans and this would just be another 15K
Typical American Student?
No loans of any kind. I currently have several thousand in savings, but I need that for a rainy day and stuff. And like I already mentioned, I would not have to pay until I leave school.
I would assume he would buy the bitcoins never sell them, and pay back the loan asap working a job...
Wouldnt it be better just to cash out the monthly loan payment and hope bitcoins price increase more than the APR?
I have never taken a student loan, so how does this work?
If tuition is $9k, and you take out a loan for $20k, isnt someone going to get suspicious?
they want you to use their loans so you can live comfortably without working a job to pay for rent / food, so you can focus on your studies, but you can spend it anything you want... all they care about is you paying it back + interest.
and no it would most likely be more profitable to sit on the bitcoins forever and pay back the loan with income.
These were my thoughts exactly.
OMFG lol! My sides!
I don't think buying right now is a good idea. I just can't see this high price being sustainable. Otherwise, I'll be doing something similar. I did it once, borrowing $15k last summer, and used the proceeds to pay off the loan and buy myself a new car. As soon as the price dips enough for me to feel comfortable again, I'll be borring $15k and doing this again. So, the idea isn't necessarily stupid, but the timing might be.
While I generally agree, I feel like the market might also go the other direction. From what I gather the market is of two minds. Either we will pop this bubble soon or we will take off like an atom bomb before popping. I feel that the risk of waiting is not worth the potential loss of an unknown amount of coins.
Maybe I should daytrade with 25% on Mt.Gox and try and call the top? Sounds even more risky. I would rather just hold. :|
