Entrepreneur

0 readers

1 users here now

Rules

No Personal Attacks - criticism of ideas is allowed, attacking people is not.
Self Posts Only - links can only provide supplementary material. Your post must contain enough content to have a discussion.
No “How To Get Rich Quick” posts - This community is not about making a quick buck. Posts asking the community how to make $X, without making specific reference to a reasonable idea, are not tolerated.
Avoid unprofessional communication - Please treat fellow entrepreneurs like respected coworkers, label conversations if NSFW and avoid deliberate provocations.

Please feel free to provide evidence-based best practices, share a micro-victory, discuss strategy and concepts with a frame work, ask for feedback, and create professional conversation. Treat every post as if you're at work and representing the best version of yourself.

founded 1 year ago

MODERATORS

communick@indiehackers.space

Using student loans to fund business ? (alien.top)

submitted 1 year ago by Secure_Victory8123@alien.top to c/entrepreneur@indiehackers.space

3 comments fedilink hide all child comments

I am 24 and I am in graduate school getting my MBA. I own a start up healthcare company , we've recently gotten our license but in the process of doing that i spent all the reserve funds I had for the business.

I have been trying to get financing , even with having extremely high credit score I keep getting dined because of low income. I'm a full time student and working on the business full time and would be extremely difficult to work a second job.

So I was thinking , since interest rates for student loans tend to generally be lower then what's on the market and they don't ask for much besides being in school that I would apply for more than I would need /cost and my school would give me the remainder and I can use that to finance the company.

Has anyone ever done anything like this or any advice they can give ?

you are viewing a single comment's thread
view the rest of the comments

[–] brianl047@alien.top 1 points 1 year ago

This is a shit idea

There are a lot of students who fucked themselves for life using student loan money for either Bitcoin or WSB. WSB is loss p0rn it's not meant to be taken seriously

Better idea is to bootstrap, try to make money the first five or ten thousand dollars with 0 dollars of yourself, and then you will see how hard it is and what you need to do... you could fail a hundred times spending 0 and be a year or two older and still be ahead

Rule #1 never use your own money (there's exceptions but there's a reason why most successful businesses are opened by people over 40 those are the people who would be using their own money since they know exactly what they are doing you should be learning how to pitch and use other people's money)