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

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

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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 ?

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

I know of someone that basically lived off of student loans for I think 6 or 7 years?

My advice is talk to a Counselor. Seriously.

Girl a knew back in the day ended up marrying one of my best friends, when I heard about the level of debt they were in trying to get a nursing degree and a doctorate degree i could feel my gag reflex triggering.

It’s been about 10 years later and I’m willing to bet you it’s still a six figure number for the two of them combined. Love them to death, but I couldn’t do it.

[–] 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)

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

The way them student loans are easily obtainable but don’t fall for it

Then student loans will catch you with your ass