Overhaulin'

Is it possible to buy a car with a student loan for college?

I'm a foster kid right now, and I can not save enough money to buy a car AND save enough money for the things I will need for college. However, I need a car and all of the necessities. Is it legal and possible to buy a cheap used car with money I receive from financial aid?

Public Comments

1. Whatever money is left over from financial aid is yours and you are able to do what ever you need to do with it. The financial aid refund is meant to help subsidize living expenses and such and I think that getting a car so that you are able to get back and forth to school is a living expense. With my left over aid I use it to pay rent, utility bills and pay for food which is no different than if I had to pay room/board on campus. So long as your tuition and your books are paid first (most schools take it out automatically, but I know one school that issues loan cheks before the start of the semester) then you are fine.
2. Hey, ask someone to put your money up for and help you to save the for what ever you need. And dont let you have for bs and the every time you put money back pry for it . then keep track of it and ask someone to help you keep track of with you. rember to ask who you can truust. if you want you can have foster mom or dad open a bank aount... for you in your and the're names. but try and try thats all u can do is try.
3. i cant compete with those answers
4. As many other answers indicated there are ways that you can use student loans to buy a car. However, it is very important to consider what you are getting yourself into. If you are commuting to school and NOT pay for room and board, then using the funds to help you buy a car can be rationalized. But, be sure to consider the total cost of a car - it's not the purchase price but it is also the insurance and gas and maintenance. That all adds up in a hurry. If you are living on campus I don't think it's a good idea to buy a car with student loans. It is much better to find a job on campus that will pay you enough to meet your required expenses and take public transportation or ask a friend for a ride occasionally. When you graduate from school you'll find that the loan balances you carry will have a huge impact on what you can do - from the amount you an afford for an apartment to the loan you can get for a house, etc. My greatest concern is that a cheap used car usually translates into a car that needs alot of repairs - and suddenly you feel as though you are spending all of your money on the car. Enjoy your college days and put off extra expenses as long as possible. It's hard, I know (!), but you will be much happier in the end.