College loan question

[solidcrowd 10+ year member]

I was wondering if I take out a student loan if I can buy a car with it? Also, for most college loans how much less in the interest than regular loans and I would start to pay it back when I graduate right? How much would you guys take out for a car?

Click to read more...

 

[Jameseypoo 5,000+ posts]

Yes you can buy a car with a student loan. They give you a check.

 

[Qbenjamin 10+ year member]

Yes you can buy a car with a student loan. They give you a check.

Giving bad advice again. OP, while yes, it can be done, you will go to jail for a federal crime if caught.

 

[ngsm13 5,000+ posts]

You have to be a full-time student, and usually they will give the college money... and the college will write you a check...

If you drop below full-time student status, for more than 90 days... then have have to start repaying immediately.

Also, keep in mind... you will be accruing interest the entire time...

nG

 

[Jameseypoo 5,000+ posts]

Giving bad advice again. OP, while yes, it can be done, you will go to jail for a federal crime if caught.

No... it is to cover any expenses while in school. A federal crime?? Right. //content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

 

[Jameseypoo 5,000+ posts]

You have to be a full-time student, and usually they will give the college money... and the college will write you a check...
If you drop below full-time student status, for more than 90 days... then have have to start repaying immediately.

Also, keep in mind... you will be accruing interest the entire time...

nG

My interest is also deferred until I graduate //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

 

[Verlander]

When i was checking into student loans I was under the impression you didn't get the money, the school got it? //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

I have a similar question as the OP. A school I was looking to go to, doesn't have student housing, would a student loan then pay for housing off campus?

 

[Jameseypoo 5,000+ posts]

I've gotten two loans from Chase bank (educationone.com) and they sent me a check for $9,500 both times.

 

[ngsm13 5,000+ posts]

Depends on the loan...

Maybe not.

nG

 

[Verlander]

I couldn't be trusted with $9500 cash.

 

[bdawson72 5,000+ posts]

A friend of mine actually did buy a car with a school loan.

Is it smart. Eh, not really.

But can you do it.

Yes.

 

[ngsm13 5,000+ posts]

When i was checking into student loans I was under the impression you didn't get the money, the school got it? //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif
I have a similar question as the OP. A school I was looking to go to, doesn't have student housing, would a student loan then pay for housing off campus?

Yessir.

nG

 

[Andrew12 10+ year member]

From what I've been told by my financial advisor, the check is given to you in most cases to cover any college related expenses. Qbenjamin, not saying that you're wrong, but you are lol. You can use the money for transportation. Now alot of banks are doing all payments deferred until after graduation. The one I may apply for also allows you to take 2 semesters off before you are required to start paying them back //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

 

[Andrew12 10+ year member]

And believe it or not, student loans are not that bad of an idea if you're responsible seeing as to how it will be the lowest interest rates you'll ever recieve lol

 

[kodak314 10+ year member]

tuition answer from sallie mae will send the check directly to you, without havin to go thru the school. you can do whatever you want wit the money, you just have to prove that you are a full time student