Do you have to let student loan companies know what you are spending the loan on?
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I want to pay off my current bills with a student loan, plus the extra costs of college, am I allowed to do this and will I have to give the lender an itinerary of expenses?
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Answer:
Student loans are sent to the school. Then in turn the school will send any additional funds either to you or return them to the lender as a refund. That is probably up to you. But no, student loan companies do not track what you use the money for. Once the school gives it to you it is your money, although it is supposed to be used for school and school related expenses..housing is included in that.
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