Student loans for purchasing horses?

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FilipN

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Hello!

I am 20 years old, unemployed (for now) and doing college part-time, and planning on continuing. I just found a horse that I absolutely adore... but I would need to use a student loan to get him and upkeep him until I find a new job. Has anyone done anything like this? Is it even allowed? I am growing tired of finding amazing horses and having to pass them by because its somehow never the right time.

I am also considering taking up a part time job at a stable that does livery and would discount my horse's stay.


What are your thoughts?
 
No.

what if you ran out of funds before you found a job that paid enough to take over running costs.

what if you were lumbered with a huge shock vet bill?

horses can become suddenly very unaffordable so having no real financial backing in place could end up meaning something as drastic as PTS if you couldn’t afford veterinary treatment.

It sounds really stressful, wouldn’t do it.
 
Do you receive a maintenance loan now? Or are you just thinking of applying? A student maintenance loan is only available for undergraduates and is for living off. I have two kids at uni - I can assure you the loan won’t fund a horse unless you can keep your horse on your own/family land. My daughter would love to have taken her horse but no way could she afford to pay livery and live off her loan! It’s not the buying, it’s the keeping that’s expensive. And really, student loans are not meant to be used for buying horses ….. Join your university riding club and enjoy riding without the expensive of livery etc. There will be other horses ….
 
If you don't have the money to buy a horse how on earth will you fund keeping one!
There are horses for loan and share and there will be more to come as people struggle to afford one.

What if it needs vet treatment - will it be adequately insured? There is always at least £100 excess to pay regardless.
What if it needs PTS - these things happen to the best of us. That will set you back a few 100 quid and it is essential you have funds for this.
What if you get injured and cannot work at the livery yard, or the yard closes, or you get sacked? How will you fund livery elsewhere?
After you have bought the horse how will you buy tack/rugs/grooming equipment/lessons/pay for help when you are ill or have to go away?
I would be horrified to hear someone had bought a horse with no means of funding its keep.
I also resent the idea of student loans being used in this way.
 
Sorry but it is a terrible idea. You are only 20, you have many years of enjoying horses ahead of you, but in order to own one it needs to be comfortably affordable, including funds for when things go wrong.

In the meantime what about looking for someone who needs help and can let you ride in exchange for chores? If you are a decent rider maybe someone needs help to school a youngster or just to give a good-doer a bit more exercise?

You have your whole life ahead of you, do not weigh yourself down with debt at this early stage.
 
FilipN said:
Hello!

I am 20 years old, unemployed (for now) and doing college part-time, and planning on continuing. I just found a horse that I absolutely adore... but I would need to use a student loan to get him and upkeep him until I find a new job. Has anyone done anything like this? Is it even allowed? I am growing tired of finding amazing horses and having to pass them by because its somehow never the right time.

I am also considering taking up a part time job at a stable that does livery and would discount my horse's stay.


What are your thoughts?
Click to expand...

Absolutey not. Also the course you're doing must qualify for student finance and you don't receive it all in one go, it's paid termly.
 
I am 20 with 2 horses..wouldn’t dream of owning them without a part time job (I’m doing two college courses) and that’s with them at home I could barely afford livery for 1 horse on a part time job with my car on the road
 
@FilipN on another thread you have asked for views on a dealers yard in Scotland. You say you are a first time buyer, which makes me think you are inexperienced and unaware of the costs of keeping a horse and that you have gone this weekend to the dealers yard you asked about, found “the perfect horse” and are now trying to figure out how to pay for it…. Either that or you are, as others have suggested, a troll wasting lots of people’s time. I hope you are the former….

Would add, if you are studying as an undergraduate, you will struggle to work enough hours for most yards to offer you free livery.
 
I honestly wouldn't - I know its annoying but its not worth the stress scraping together funds.
Sometimes it may seem doable, but put together livery costs and then after that you have vet, farrier, dentist, physio, insurance, tack/rug costs, feed and it becomes a lot more than a part time jobs worth. At the age of 28 have i have just bought my own again and still been hit back with a few large vet bills in full time work with a savings.
If you wait a few years or more the perfect horse will still come along and you can be confident you can provide a good life for them.
 
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