Do you guys think getting a new dSLR with student loans is a foolish idea?

I'm majoring in journalism, and so much of it is changing that at student conferences we're getting told the more you can do, the better your prospects are at getting anywhere. A former advisor of mine really drove the point home the other day when she emphasized being able to stills and video can get you far (she worked for a few dailys throughout her writing career).

Without going into a tirade about modern day media, I've been seriously contemplating using student loan money to buy a new camera that has video functions on it for photojournalism as well as to take advantage of the newer tech. I have my 1D classic, this thing is such a tank and I love it, but it's kind of out dated and is wonky in low light. The university I'm applying to has a great web presence as well as a weekly print issue, but it's really competitive so I kind of feel I'd have good step up or even playing field if I went with a new camera.

What do you think? I'm just tossing this idea around, but lately I've been thinking about it a lot more serious.

yes. it is crazy. student loan is for your education not for spending on expensive camera. you can buy the camera later when you find a job.

picard wrote in post #13406057
yes. it is crazy. student loan is for your bar tab.

Fixed

I don't know... I used student loans to pay for school and bought camera stuff with my own money. It seems to have worked out. I now have a job where I can comfortably pay off my student loans and have a backpack full of camera gear.

Just my two cents. (I graduated this spring)

Looking to possibly take out a loan for new equipment.

picard wrote in post #13406057
yes. it is crazy. student loan is for your education not for spending on expensive camera. you can buy the camera later when you find a job.

But it is for his education.

Sirrith wrote in post #13406556
But it is for his education.

That was my thinking. But I'd advise anyone accumulating debt for an education to keep the selection limiited to something like a Rebel and not a 1D Mark IV or something like that.

As for the 'using loan money to buy a camera'. Keep in mind that money is completely fungible. That means that so long as you are accumulating debt every semester, you are essentially funding everything you do to some extent with the student loans.

The smart move is to get an employable degree in a direct and linear fashion, hold down expenses and make sure you graduate with a debt no larger than you can reasonably pay off.

If the camera will give you employable skills and will not add to the debt too much, then get it.

https://photography-on-the.net …/showthread.php​?t=1114606
Buying a camera to be a photojournalist sounds like a great idea...yeah right it does.

Save up a couple hundred bucks, sell the 1D and buy a Rebel or maybe 60D that can do video. No need to take a loan and buy something fancy that you don't REALLY need. Perhaps suggest this to your friends/family in place of xmas presents

Consider the fact that the typical dSLR has historically depreciated at a 36% annual compounded rate. So a $6k camera purchased today is worth only $3k two years from now...that is $83 per month. Perhaps a consideration is to buy used (so that the depreciation that you incur is lessened), or to rent a camera if there are going to be relatively few occasions in which you need video capability.

I agree with Wilt. The cameras that shoot HD video have been out a while so used should be available, but I wouldn't even go there until I had a project fully planned out and ready to shoot. You know you can rent those cameras too so you may not even need to buy anything in order to produce a short video project. Video is a huge money pit and the camera is only a small part. Go price a good video tripod.

You really need to do everything you can to avoid increasing your student loan debt load. That's really going to bite you when you get out of school and you'll regret it every check you write. You are going to be a slave to that debt until you pay it off. If you don't have a part time job, get one. If you have not found an intern gig during breaks, find one; it's the single most important thing you can do to improve your chances of finding a job after you finish your degree.

I don't think the loan idea is a bad one as long as you minimize the expense to the bare minimum of what it is you think you need. You could sell your camera, buy a used T2i with a kit lens, get the 55-250 refurbished or used and use the loan for the difference and you should be in pretty good shape. From there if you can get some photo work you can use that money to pay it off and/or buy additional lenses. What would not make sense would be buying a 5D or 7D, a 70-200L and taking on several thousands of dollars in debt.

Spend that loan money as if it were the last cash in your bank.

Just don't run out of money for necessities. I spent lots of my student loan money on beer and stereos and all kinds of stuff, but I still paid my rent and tuition. As long as you do that, have at it!

Mookalafalas wrote in post #13412505
Just don't run out of money for necessities. I spent lots of my student loan money on beer and stereos and all kinds of stuff, but I still paid my rent and tuition. As long as you do that, have at it!

Beer and stereos are both necessities to a college student...a healthy diet often isn't!