There are some lenders that offer a separate student loan for living expenses. I don’t recall the actual name of this loan, but I know that Citigroup’s CitiAssist loan, for example, offers up to $5k for living expenses. Since it is a separate loan that goes directly to you, I suppose it could be used for anything you’d like. Some student’s use part of it to get a new computer for school. Since this is money that will have to be paid back, I would definitely advise that you use it wisely. If you HAVE to have a car to get to school and you cant afford it any other way, I suppose this would help. But if you just want a nicer car to drive around while you’re in school, I definitely wouldn’t advise it.

Would you rather pay 6% interest or 8.5%. You should just get a loan from the bank. Student loans are for things that a student needs for school. Read over your master promissary note it will explain everything to you. Do not use student loans for any other reasons. It is not worth the risk you could forfeit any rights that you have as a student as far as financial need goes.

everyone’s right. With a federal loan the only thing you’re not allowed to do is make money off of it. So, you can’t put it in a high interest account, money market, stocks, or gamble with it. Poor choice to gamble with it anyways. but it beats a loan shark breaking your knees I guess.

I’ve bought a car, 2 computers, and paid for rent with it. No one asks anything. They just want the money back plus interest.

FYI. Nearing the end of college, figure out a company to consolidate your loans. You can find some places that have amazing rates compared to FAFSA. Sometimes they’re half and they’re locked. I know it sounds sketchy but if you shop, you’ll save yourself a ton of money.

Not a smart thing to do, do not take mroe money then you need I have a student loan but I only have a $5000 tuition still if you go to university you will regret it get a different loan for a car it will affect your education

Of course! What you do with your money is your business. They take out tuition and any other costs you may have for school. I live of my aid. I pay my bills, my rent and also party with it! It works out great! Just don’t forget that what you borrow, you got to pay back. If you are going to take out loans, take out grants too, don’t have to pay those back.

i don’t think so. but if the car is for going to school then it is ok. just ask your lender

that’s funny, i just came across the answer to this on this site. check it out!

I’m not sure but you can go to www.AskaCollegeGirl.com and find out.