Can I buy a car with my Financial Aid money?
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Im going to a college that is an hour drive away from my house but i dont have a car, so i was thinking i use some money to buy a car.. can i?
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Answer:
I don't think you're supposed to, but once any grants or loans that are given to you after they go through the school to pay for tuition and books and such, become YOUR money. But, remember, any loans you take out, you are responsible for paying back once you graduate or leave school, so make the decision wisely.
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Other answers
The previous answers are wrong. If the use is not specified then you can use the money for any school related expense. This means clothes, food, transportation, washing of said clothes, etc. The financial aid award will be sent to the school and anything left over after tuition and dorm if on campus will be given to you.
vagueship
There is obviously some misconception about the use of grant money. Yes, grant money can be used to purchase a car. You can call FAFSA and ask them yourself (do it anonymously if you want). The money is to be used for educational expenses, and transportation is one of them. In addition, it is nearly impossible to prove/track where the money went. At the end of the semester, you are sent the leftover money after tuition/books. So that means for the entire semester, you were fronting the money for your educational expenses. So when you receive the money, it's not like you need to go out and buy more "educational stuff". You can now spend the money how you choose. Since you wont get the money till the end of the semester, you need to figure out a better plan because I'm thinking you are unable to front the money for the car. I had to take out student loans even though I have plenty left over from grant money. This is because I need the money immediately to pay for daycare. So when I get the grant money at the end, I pay my student loan off with it.
FreakyGeeky
well you technically can't but, buy a used car from someone on like craigslist or something and tell them to put on the sale sheet that he gave it to u as a gift or something. Then there is now way of tracking that back to you in anyway.
WOW!!!! Are u serious...the money is for SCHOOL!!!! Here I am looking for aid for SCHOOL and u want a car....
wannaknow
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