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Kathryn
Super December 2014

Paying for a wedding by taking out student loans???

Kathryn, on November 12, 2014 at 12:16 PM Posted in Community Conversations 0 35

Do people actually do this? Have you ladies done this? I don't mean to start a cat fight, but I just learned over the weekend when I was talking to FMIL about the final payments, how to pay, how we are eating cup o noodles the rest of the month (not really, but its definitely a broke college student month) she disclosed some interesting news. She met with FH best man and his wife the other day, and they have been married for just over a year. They had a smallish (45 people) wedding, ceremony on the beach with the reception at the nearby beach club. She was in school at the time and took out $30,000 to pay for this wedding. This very DIY, simple wedding with no outlandish honeymoon after... She maxed out her student loans to pay for a wedding that they couldn't afford to begin with!! A part of me thought, well some people put weddings on credit cards with 10% interest or more, so 3%-6% isn't that bad, but at the same time, she'll be paying for this wedding for 10 F-ing years...

35 Comments

Latest activity by NewestHess, on November 13, 2014 at 12:28 AM
  • CeCe
    Master May 2014
    CeCe ·
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    That is beyond stupid! You shouldn't take out a loan to throw a party. Have a wedding within your means so that you don't start out a marriage stressfully with a ton of debt that is going to just weigh you down for a very long time.

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  • JaKLyn
    Master November 2015
    JaKLyn ·
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    That is a terrible idea in my opinion. You want to plan a wedding that you can afford without putting yourself in dept. They'll be feeling the financial burden of the wedding for years to come.

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  • Janeen
    Master January 2015
    Janeen ·
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    Oh my thank god this wasn't you asking if it was okay. No, you should never go in to debt for a wedding. It's a party. A party that you'll be paying compound interest on for 10 years? lol no.

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  • Maltese
    Master June 2015
    Maltese ·
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    No loans period. Everything we are doing is being paid for buy the funds we have and are currently earning, not even any credit cards (its too easy and tempting to overspend and the airline miles just aren't worth it to us)...its why we had a year and a half engagement.

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  • Shelby H.
    VIP October 2014
    Shelby H. ·
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    I think it's a bad idea but I do know of people who have taken out student loans for a lot of things (including weddings) because the interest rate was low. I think this is the kind of thing were you should do it within your personal budget and means.

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  • .
    Master October 2013
    .... ·
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    This is the stupidest thing I ever heard and I read the entire Sweet Valley High series.

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  • Kathryn
    Super December 2014
    Kathryn ·
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    I figured!!! I thought the same thing!! She was the ultimate bridezilla when it came to her wedding. She was going to be married on the BEACH if it killed her. I just couldn't believe that a wedding was almost $1,000 per person!! I figured since they had such a small wedding it was only 10-15k, but I was just so wrong. We all tried to help her by finding better places to get married and her response "Its my wedding, not yours. I'm getting married where I want, so butt out" so we did. And she's 30k in the hole for it. I hope she at least feels it was worth it.

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  • B
    Master December 2015
    BunnyLove ·
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    The things people do to impress others. She probably thought her guests would give them cash to help pay for it. Just ridiculous!

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  • Shelby H.
    VIP October 2014
    Shelby H. ·
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    Best answer ever, Stephanie LOL

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  • Shelby H.
    VIP October 2014
    Shelby H. ·
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    One of my friends took out a student loan to pay for plastic surgery ........................ O_O

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  • Kathryn
    Super December 2014
    Kathryn ·
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    I'll admit when I was in school I took an extra $2000 for a Europe trip I went on. But that trip lasted 3 months, not 6 hours. Still not the best, but it worked for me. I was also 19 and thought. Why not?? Now I know... those monthly payments!!!

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  • Jillian
    Master May 2015
    Jillian ·
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    So stupid. FH would kill me if I had even ever suggested that! Not sure how a wedding like that ends up costing that much anyways? I understand if things get tight near the end and you throw some things on a credit card, BUT only if in the next coming months you live like you did up to the wedding and put everything extra to pay that off until it's gone.

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  • Pancakes
    Master October 2015
    Pancakes ·
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    I just died a little inside. I hate hearing stories about what poor financial decisions some people make, though I understand that it is not my decision. Taking out loans for anything other than a house/education/car just kills me. Being 25 and having zero debt except for a house, and my FH having only our house debt at 27, I can't imagine having a loan (other than mortgage) for over 5 years. I love being debt free. I'm glad that when I was younger I was so financially driven.

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  • Emmy
    Master January 2015
    Emmy ·
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    What. the. fuck? People do this? Gross. I put a ton of wedding stuff on credit cards but only to get the cash back and pay off in full with the money I have. Which I think is a fantastic idea, but only if you are responsible.

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  • AndixLyn
    Master June 2015
    AndixLyn ·
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    I thought STUDENT loans were for school and typically are paid directly to the school?

    i've never had them so i don't know. but that just seems like an easy way to avoid this kind of insane fraud. get a personal loan for a wedding IF you wanna make poor choices.

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  • Munashi
    Super October 2014
    Munashi ·
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    Not only is this a terrible idea, but it's a gross misuse of government/taxpayer money...

    EDIT: Assuming these weren't private student loans.. which they may have been. But still, obviously not what that money is for.

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  • Cheri
    VIP September 2015
    Cheri ·
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    Wow that is a terrible idea, who wants to start out a marriage totally and completely in debt. I'm with you I'll eat cup o noodles all month rather than go into debt with student loans for a wedding. I also am putting very little on my credit cards because I just don't want to have to keep paying for this wedding for the next few years to come.

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  • J
    VIP June 2015
    JHazel ·
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    Agreed - taking out a loan for a party is not a responsible decision. Also shocked that a $30,000 wedding for such a small group could be considered simple.

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  • Emily
    Expert November 2014
    Emily ·
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    That makes no sense, you can't just take out student loans for anything, you need proof that you are using them towards a educational institution to even be considered. I am in the middle of paying mine back and they are a pain in the ass.

    I supposed you could take out a personal loan, but that's just stupid. If these people don't know how to handle money responsibly before they are actually married, it will be one financial mess a couple years down the road.

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  • Melissa
    Super April 2015
    Melissa ·
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    WHAT?! As someone whose loans just went into active repayment, this is a HORRIBLE idea. I just finished law school so I have a ton of loans at 6-8% interest. Not only are you getting screwed on the interest, but the government actually will not allow you to pay down your principal first. You have to pay down your interest until you hit your balance. Basically, without FH's income combined with mine, I could pay on my loans with an income based repayment plan for the next 25 years (until the timeline maxes out) and still never even touch the principal. I kick myself for taking out student loans and I only took out enough to cover tuition and am fortunate to be employed now!

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