Quick Question

Static · #1 (**permalink**) 12-01-2007, 06:01 PM

So I plan on going to school in the beginning of next year, and I need to apply for a student loan, and I know that there are students who get their loans and buy stuff like laptop computers and stuff not directly related to school 100%, and seeing as my car is pretty damaged right now, I was wondering if I could use a portion of the loan that I get to fix my car... Would that work? Anyone ever done anything like this before?

**Opunaya** · 12-01-2007, 06:04 PM

A student loan gives you the money for anything, they just give you easier interest or something...at least, that's how I think it works...I got a car loan...never student. So...I'm not sure, but I'm pretty sure that's it.

El Pirata · 12-01-2007, 06:33 PM

Ive heard of students buying cars with student loans, because its not as much of a bitch as it would be with a regular loan.

Static · 12-01-2007, 06:56 PM

My buddy said something about the loan going directly through the school system, like they handle everything with the bank directly instead of me having to go pay the school every quarter, the bank does it for me. But again, I'm not positive about this, I was thinking if it worked like that it might be kind of wierd asking for money from my school loan to pay for the damage on my car... you know what I mean?

**Opunaya** · 12-01-2007, 06:58 PM

Might depend on the bank.

dancesintherain · 12-02-2007, 06:06 PM

Yes you can. I used the money that I did not need for tuition on paying rent and fixing my mom's car. In directly that is related to school, so it is ok to use. You can use the remaining money for anything that you need to.

w8_4_the_moonrise · 12-02-2007, 06:47 PM

It just depends on where you get the loan from...
Citibank gives it directly to the school, while other private loans give it to you.

Fixing your car is covered under transportation to school which is how people get away with it, I think.

chatterbox0226 · 12-02-2007, 07:05 PM

you can do that- i believe the rule is like after you get the lone the money is yours so do with it what you want- theres one that my brother got that they say what you can use it for and they said he could overhaul his car, get new tires, or get an entirely new car

tombinghamthegreat · 12-11-2007, 04:59 PM

Is repairing/buying a new car absolutely necessery to getting to school? this question should determine your answer.

cheshirecat · 12-11-2007, 05:15 PM

Heres how things usually work. Your college will take as much money as needed to cover all your cost. Sometime around February, March, how ever that works for you, You'll end up with a check from whatever they didn't use. Thats how it goes for federal aid. Now if you go through someone else, they send you the check directly, you can pretty much do as you wish. Just remember you do have to pay this back one day. So don't go to crazy.