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Can you use student loans for anything?

Did you use your student loans for anything other than school at one point?

  • I am going to college next year and I am planning on taking out a student loan. I am only going to a two year college and I already have $5,000 for it. I am going to take out a student loan because I don't have enough for the rest. The only thing is that I don't have a car and I DEFINALTY won't have enough saved for a car in 9 months. Did any of you use part of your student loan for a car, apartment, or other things that are not related to college?

  • Answer:

    Plenty of people do that. If you could avoid it, stay away from loans. If the purchases you need to make are a necessity and these necessities will keep you from obtaining you degree, then use the money in that manner. Just keep in mind that you must pay this money back. If for whatever reason you don't finish school or the career you follow does not pay you enough money, you still have to pay this money back. There is no avoiding the government.

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I used a portion of my student loan to help me with my rent and utility bills. But I would like to warn you against counting on loan money for a car. First, the schools tuition and fees will be taken out first, then if there is any money left over you will get the remainder, but the school wont give it to you all at once. For example if you get 5,000 then you will be given 2500 for fall and 2500 for the spring. Your tuition and books "might be" around 1,800 leaving you only 700 for a car. Not a very good car I might add. The whole process will repeat in the spring.

Found-1

A lot of other ppl do that. Some ppl buy labtops and pay their bills with their student loans. I already have a car but i need to be able to pay the mothly bill so i will use my student loan to pay all of my bills and rent.

787_Girl

I know a guy who did that, got a 15k loan and bought a great car to go to and from school. The job he got after school was finished was enough to pay off the loan quickly.

Joscasta

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