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Can I use my financial aid money to buy a car?

Can I buy a car with my financial aid check?

  • Once i send off my fasfa how long will it take for my financial aid check to come back? Could i buy myself a car(not new, used) with some of that money? Im moving out of my parents house sometime after graduation in may but i dont want to move until i have my own car. Im saving for a car and my apartment now but ill need a lil help thats y i want to use my financial aid check. When will it come back, will it be long?

  • Answer:

    Applying for financial aid is a process that takes weeks, sometimes months, depending on the school and how quickly you are able to turn documents into them. Generally the school will not send any money out (if you are eligible to receive extra money) until a few weeks after the semester starts. There is a flo chart in the front of this book that goes step by step of what happens and how long. I would suggest NOT buying a car with your financial aid, this money is to be used for books, living expenses, food, transportation costs and such for the current semester.

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If you move out, you won't have much money in your pocket because you still would have to pay for books, rent, transportation etc. If you stay and live with your parents, try getting a part time job, and with the left over money of financial aid you will have more money to buy a car. You can do anything you want with financial aid funds. It's only intended for your college education but nobody needs to know the full details of how you intend to spend it.

Mr-Gemini

No. This money needs to be used for your college education. If you quality for a refund check from loans only you may be able to use the money. Contact your loan company though cause there may be a penalty for using a college loan for something other than education. A car is not considered education even if it is needed for communing. It is considered a luxury.

greengirl

yeah it takes a while to come back . you can call them and ask them when but usually they want you to be in school for a certain amount of time or they think you are just applying to get money ,there is a lot of people that , get the checks then quit. but firsst they send the funds to the school and then whatever is left over they will send to you. yes you can use it for a car , to live on whatever just make sure you get some school supplies too.

anissia

You could pay rent with your money. It's yours. You have to pay for school with it but the money that is left over is yours to do with whatever you want. As long as it is for some function of school, such as books, paper, car, rent, food, gas, tires. That's what I spent my loan money on. Be careful though, that's not free money. Getting out of college and seeing the terrible shape of the economy and the crummy jobs real life has to offer, it does not help when student loans are calling six months after you graduate and you're still struggling to pay all your bills and get a better paying job. A $30,000 bill does not help your stress levels at that point in your life.

Peanutbuttercup

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