Student loans?

What will happen if I use money from student loan to buy a car?

6 Answers

  1. The only case it would be legal is if you need a car to drive to your college.
    Otherwise, it is classified as a fraud and you’re committing a crime

    Geya Geya Answered
  2. it’s okay if you really need it to get to your school

    Katie Katie Answered
  3. fasta sends the money directly to college, but with bank loans, you can manage the expenses, unless there are clauses in your agreement that forbid you to spend it on buying a vehicle

    CleverHe CleverHe Answered
  4. You have to pay the money back, no matter whether you finished tuition or not. So think about what you are spending it on

    ForgetMeNot ForgetMeNot Answered
  5. there is a paragraph about transportation expenses when you take student loans, but it only concerns public transport, you’re not allowed legally buying a car with that money

    Chang Chao Chang Chao Answered
  6. It’s illegal to use the student loan money for buying a vehicle. What happens is you’ll be accused of fraud because the contract you signed with FAFSA says that you can only spend your money for educational purposes.

    Nilvis Nilvis Answered