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Posted: 1/4/2006 4:49:39 PM EDT
Because the Hivemind seems to have answers to every single problem that has ever been encountered by mankind, I have a question regarding student loans.

When it comes to student loans, what exactly can they pay for? Obviously tuition, but can room & board be included? Could a student loan be used to help pay for a car that is going to be used at college?

What are the restrictions on these things?
Link Posted: 1/4/2006 4:52:55 PM EDT
You can use a loan to cover any part of your tuition, including books, room and board, however, most promissary notes will denote that you cant use the money for anything else.

Could you get away with it?

Yeah, but I wouldn't suggest it.
Link Posted: 1/4/2006 4:53:02 PM EDT
[Last Edit: 1/4/2006 4:53:51 PM EDT by civprod]
College loans can be used to pay for room and board.

I am paying for law school via loans and the loans cover the following:
Tuition
Room and Board
Travel Expenses
Books
Car insurance and repairs
Health Insurance
Loan fees
Miscellaneous expenses

ETA: Our financial aid office specifically said that the car allowance is not meant to help pay for a car.
Link Posted: 1/4/2006 4:53:54 PM EDT

Originally Posted By SkyCatII:
Because the Hivemind seems to have answers to every single problem that has ever been encountered by mankind, I have a question regarding student loans.

When it comes to student loans, what exactly can they pay for? Obviously tuition, but can room & board be included? Could a student loan be used to help pay for a car that is going to be used at college?

What are the restrictions on these things?

It usually depends on the specific loan but MOST are only INTENDED to cover tuition, books, fees (and room & board for college-owned living habitats) directly associated with higher edujumacashun.

Link Posted: 1/4/2006 4:54:52 PM EDT
you'll find out that aunt sallie may pays for all kinds of things.
Link Posted: 1/4/2006 4:56:54 PM EDT

Originally Posted By netwt12:
you'll find out that aunt sallie may pays for all kinds of things.



... You mean Nellie Mae?
Link Posted: 1/4/2006 4:58:47 PM EDT
I used part of mine to buy beer.
Link Posted: 1/4/2006 4:59:55 PM EDT
[Last Edit: 1/4/2006 5:03:58 PM EDT by SkyCatII]
If you guys are talking about a relative, I'm not getting one red cent from any of 'em.

ETA: I am desperately hoping that I can find some way to pay for a car for college, but it looks like student loans aren't going to be a part of that scheme.

BTW: I'll be entering Hillsdale College in the fall of this year.
Link Posted: 1/4/2006 5:01:50 PM EDT

Originally Posted By SkyCatII:
If you guys are talking about a relative, I'm not getting one red cent from any of 'em.



Sally May - cosmetics

Nellie Mae - lending organization
Link Posted: 1/4/2006 5:05:07 PM EDT
[Last Edit: 1/4/2006 5:06:43 PM EDT by MaddMan]
its
Sallie Mae i owe her a lot....


hmm Nellie may is also one.
Link Posted: 1/4/2006 5:05:25 PM EDT

Originally Posted By Daytona955i:

Originally Posted By SkyCatII:
If you guys are talking about a relative, I'm not getting one red cent from any of 'em.



Sally May - cosmetics

Nellie Mae - lending organization



Thanks, I'm new to this whole loan/college thing. That and I've never had to worry about cosmetics before...
Link Posted: 1/4/2006 5:08:24 PM EDT
Short answer...yes
Link Posted: 1/4/2006 5:09:07 PM EDT
Bzzz bzzzz BZZZT! Bzz bzzzzz . . .
Link Posted: 1/4/2006 5:09:32 PM EDT

Originally Posted By ctprelude:
Short answer...yes



For some reason I think that it's going to be more complicated than that
Link Posted: 1/4/2006 5:15:39 PM EDT
[cartman] dude, hivemind is sooo last year[/cartman]

Link Posted: 1/4/2006 5:18:00 PM EDT

Originally Posted By JohnnyMcEldoo:
[cartman] dude, hivemind is sooo last year[/cartman]




So, what's the new code name for the ARFCOM Think Tank?
Link Posted: 1/4/2006 5:20:39 PM EDT
They cut you a check.

You deposit said check in your account.

That money is yours to spend at your descretion as long you meet the enrollment requirements.

I only spent my loan money on school related expenses, It was ALL of my other money I used for Guns and babes.

...and if you believe that part, perhaps I can interst you in an exciting opportunity in real estate...
Link Posted: 1/4/2006 5:21:49 PM EDT
I go to community college, but IIRC it pays for room and board and tuition. I don't know if it pays for books...
Link Posted: 1/4/2006 5:28:47 PM EDT

Originally Posted By SkyCatII:

Originally Posted By ctprelude:
Short answer...yes



For some reason I think that it's going to be more complicated than that



Not too much. You receive so much per semester and as long as you have enough to cover all school related costs there is no way for anyone to know that you are using it for something else. I'm in college and have student loans btw.
Link Posted: 1/4/2006 5:32:16 PM EDT

Originally Posted By kindstranger:
They cut you a check.

You deposit said check in your account.

That money is yours to spend at your descretion as long you meet the enrollment requirements.

I only spent my loan money on school related expenses, It was ALL of my other money I used for Guns and babes.

...and if you believe that part, perhaps I can interst you in an exciting opportunity in real estate...



I guess I'll look for the type of loan you have/had. Meeting the enrollment requirements should be no trouble at all.

For the most part the only thing that I would buy outside of normal school expenses would be a car used for getting home on weekends or whatever, going to work in the summer to help pay off said loans, and basic day-today transportation. There's nothing in Hillsdale, so to do anything you've got to go elsewhere.
Link Posted: 1/4/2006 5:33:41 PM EDT

Originally Posted By ctprelude:

Originally Posted By SkyCatII:

Originally Posted By ctprelude:
Short answer...yes



For some reason I think that it's going to be more complicated than that



Not too much. You receive so much per semester and as long as you have enough to cover all school related costs there is no way for anyone to know that you are using it for something else. I'm in college and have student loans btw.



Thank God for scholarships
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