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Is it a bad idea to use some money from student loans to buy myself a saxophone? I play the baritone and I plan on doing music after high school and the only way I could ever see myself owning a bari is by using some of the money from student loans to buy it, the saxophone I’m looking for is a Selmer super action 80 series II and I’ve seen it around 7 grand, this is for the future, probably from a year from now, but I’m already trying to figure something out


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Is it a bad idea to use some money from student loans to buy myself a saxophone? I play the baritone and I plan on doing music after high school and the only way I could ever see myself owning a bari is by using some of the money from student loans to buy it, the saxophone I’m looking for is a Selmer super action 80 series II and I’ve seen it around 7 grand, this is for the future, probably from a year from now, but I’m already trying to figure something out


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Not a bad idea at all! If you don't mind giving up eating.
 

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No, if music is not your major in college, do not do that. Terrible idea.

- Saxaholic
 

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Ramen recipes aside, I would NOT recommend buying the most expensive horn you can find with a student loan.

Yeah, not a good idea...
 

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It's not the best option IMHO, simply because the interest means you'll be paying more for the horn than you would if you paid cash. Baris are expensive, no doubt, but if you shop around you may be able to find something good that would be cheaper than $7K.

Any chance you could work over the summer and save and maybe get a no-interest loan from a parent to make up the difference, if any? Some music stores will also extend a "same as cash" short-term loan if you have credit, which you probably don't at this point in your life, but a family member might. If none of these are viable options, then I suppose you have to do what you have to do, but I'd definitely look at it as the last resort.

People often get so far into debt when they're young that they spend the rest of their lives trying to dig themselves out, which is exactly why banks market their credit cards on college campuses. My advice is to avoid debt like the plague. If you can manage to do this, you will definitely build wealth over time and be in a much better position when you're old like most of us! Good luck!
 

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It's not the best option IMHO, simply because the interest means you'll be paying more for the horn than you would if you paid cash. Baris are expensive, no doubt, but if you shop around you may be able to find something good that would be cheaper than $7K.
Absolutely not. I could have paid $14k for a baritone I liked, then found on for $1.8k. And that is an instrument that I use professionally. So for student, just buy wisely and don't get into stupid debt. Use that loan for what it's useful for.
 

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Bad idea! Get a second job (if currently working and if not get a job) and save until you can buy one. Use the loan for tuition, books, a roof over your head and food! If your folks are helping at all financially, good chance they’d be annoyed seeing a new bari!
 

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Add another NO to the pile. Many young people are already in crushing debt because of college loans - debt that haunts them for YEARS into their adult life. And many are now questioning the wisdom of the whole student-loan fiasco. DAVE
 

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First off, most universities with decent music programs have a bari or two they can loan to students. You should definitely look into that FIRST, and maybe make that a priority in choosing in a school.

On the other hand, I don't really see how a music major using a student loan to buy an instrument is any different from an Engineering student using the loan money to get a good laptop. Except for the fact that, unlike a laptop or most other school supplies, you can always sell the instrument a couple years down the road and get something reasonably close to what you paid.

On the other other hand, you don't want to add an instrument onto your educational debt unless you absolutely have to. Chances are, unless your parents are well off, you're going to graduate with some debt. That's just the way it is these days. Even at the low interest rate you get with student loans, it can be struggle to pay them back, and you don't want that total to be any higher than it has to be. So, before you do any serious consideration of borrowing and buying, check out which schools can loan you a bari. Good luck!
 

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Student loans are already a very bad idea unless you have a clear well-researched plan for how the resulting education will RELIABLY provide a means to pay the money back in reasonable time.

Using the money to buy a luxury horn is a terrible idea. Just maybe, if you are going to be a music major at a top school and your teacher thinks it's a good idea you could almost forgive yourself for considering it, but even then people build careers on more affordable horns.

Given that 'thinking' is not just asking yourself a question and taking the first answer you come up with, but rather a rigorous process of considering the full context and all the relevant issues and evidence with the same thoroughness as you'd use to build a house intended to last your lifetime, you need to do a lot of thinking about the next 5-10 years of your life.
 

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I'll vote: "No...however"

I agree, I see young people every day that are swimming under a mountain of student debt that is killing their present, and robbing their future... however, if music is to be your career you may need a bari & be unable to buy it right after school... However #2: Instead of 7 grand, spend $3,000 on a used yamaha!!!

Make the student loan the LAST resource!
 

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Under no circumstances would this make sense, even if you were to make a career in music. The opportunity cost of those dollars is going to be unbelievable. Student loans are really a major problem and you should think twice about signing for any more money than you absolutely need. There's no way to get away from those debts for as long as you live.

I really don't see any way how a young person who spending his own money can justify buying such an expensive sax. If you do need a saxophone, remember it's just a tool. Forget impressing people with a product; try to impress with your playing. If you're going to make money with it, treat it like a business expense and try to spend as little as possible. You can get away with a fantastic Yamaha or Yanagisawa for under $3000. Frankly, if I were you I would save up to buy Kessler's Soloist Bari brand new (a Yani 901 clone) for $2500. If that's still too much and you want to keep playing, switch to Alto (remember it's also in Eb) and spend $1000 or less just so you'll be able to keep up with playing.
 

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Wow, not a whole lot of affirmation going on here. Bummer.

Interesting that this is one of few questions that actually draws consensus.

Lone Baritone - Please understand that we support everyone with a passion for the saxophone. We just don’t want to see it sink you into irrecoverable debt to early in life. You’ve a lot of years ahead of you. Enjoy the path.
 

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I gotta say no also

If you HAD to get a load see if mom and dad will cosign or something for a reasonably priced horn.

You are looking at 20 years of interest. That is enough for several horns in interest alone.

I dont think there is a financial planner on the planet that would say this is a good idea unless you MUST have a great horn to engage your education.

Im gonna repeat....its a really bad idea and as others have said. There are many better solutions to getting what you need.



NOTE: As an affirmation you should pat yourself on the back for having the sense to ask if its a good idea. Too many young people think loans are free money and a great idea. They get themselves in big trouble in their adult lives. One of the existential issues with debt is that you still have money in your pocket. I have seen many people spend the same dollar over and over. It is too easy to forget that that dollar is already spent. If you remember that lesson you will know as much as they will ever teach you in school about day to day economics. Debt is one of the most insidious threats to freedom.
 

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Here is a discussion of what student loans may be used for. I’m afraid that a personal luxury like this is not proper or wise. https://www.edvisors.com/ask/faq/use-stafford-for/
I absolutely agree that student loans should be a last resort and I would personally not spend 7K of a loan unless I was the next Joshua Redman or something like that. I only used them sparingly where needed and worked my butt off during the summers.

I would just like to point out loan wise that there would be nothing wrong with buying said instrument if you were a music major and the school had nothing for you to use as pulled from the quoted website: "Cost of rental or purchase of required equipment, materials, and supplies"

Again I'm not condoning using a loan to buy this just pointing out that it would be legal.
 

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Lonebaritone might also consider the Crescent bari offered by Just Saxes. It comes in around $2K with shipping. Then gig with it and save the gig money to buy up later.
 
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