Overhaulin'

Is it true that you can use student loans to buy a car?

Supposedly transportation to and from school is a justified use of the loan?

Public Comments

1. I don't see how.
2. yes.-blurey
3. Yes. I just started at a university and it took a total of 3 months for the process from the time i registered to the time i got my check. This is, to the best of my memory, how it works. 1) the school processes you financial aid forms 2) if your approved for maximum amount they apply it to tuition for that semester 3)they also find grants that you qualify for to cover any remaining balances. 4) in my case i still had $300 remaining balance for my tuition after all free money was awarded. 5) they helped me apply for Federal subsidized and unsubsidized loans. 6) they aren't allowed to lead you to choose a bank, its illegal for them to do this 7) i was going to go with sallie mae until friends smacked that idea out of my head (that company is going down hill) 8) i chose Chase Bank 9) the money goes to your school 1st so they pay off any remaining balance 10) you make sure that the school knows to mail you the remainder of the loan money 11) bout 3 weeks later, or sooner, you've got your money 12) im using my money to pay for rent and food and cheap car 13) you start paying back loan with small interest after you finish school or discontinue classes 14) if your a full time student at an approved, accredited, school you are guaranteed approval.
4. Car loans are a dime a dozen, but which one should you go for? Especially if you are a prudent consumer with a balanced budget, getting the right auto finance can be quite a challenge, what with so many auto finance providers thrusting their offers in your face. http://www.worldbestloans.com/ You can get these loans from a variety of sources, like banks and financial institutions and online financing companies. Dedicated auto finance companies usually offer better terms if you approach them directly rather than through some middleman.
5. If it is a private loan, yes. It is a government loan, such as a Stafford Loan, usually they will not give the money directly to you, but instead give it to the school to pay your tuition. Whereas private loans usually give the money directly to you so you can do whatever you want with it, as long as it is "school related" in some way.