Is it legal to a federal student loan to put a downpayment on a house?
- it can count as part of your "living expenses" so no i do not think its illegal
- I never thought about that. I used mine to buy a car and no one ever came after me. But be sure they did not give you too much. Someone I know did the same thing, and when she applied for the next year they found out that she got too much money last time, so she did not get as much as she needed for the next year. But I say go for it
- It's my understanding that you can use the money however you want to. I used part of my student loan to pay for a car because I needed one to get back and forth to school. As long as you pay it back when you're supposed to, I believe you can use it for whatever you want
- It think the answer is slightly that is it's slightly legal. Federal student loans are suppose to pay for educational expenses, such as tuition, books, food, transportation, house and others. The loans were not intended for downpayment istance, but they were intended to help with housing. Since a house would be housing it technically would be legal. Furthermore, the feds do very little follow - up and of all the other things you could have spent it on this would be a better choice than say Plasma TV. That having been said, here's why I do not think it will work. 1st the loan is not going to come in a large chuck, but will probably be split per semester. Since you're a grad student you will be able to borrow a lot 18k this year 20k next, but after it pays for tuition, I doubt that you will have much more than 7k per semester left - over to help with a down payment. Let's say that is just enough to make it. 2nd you then will not have any of the refund money to pay the mortgage payments, buy groceries, pay for utilities, fill your car with gas, etc. Now, there are two ways around that, get a job and / or get paying roommates. The first, job, could cause challenges with accomplishing school work, and it's tough to stay in grad school with a less than 3. 0 gpa. The second could be inconsistent; I rarely had, or heard of, 3 - 4 roommates that were always good for the full rent on time. You're putting yourself in a risky situation, make sure there is a possible reward
- This is illegal!
- Tough question. On one hand, your financial aid is supposed to help you cover your housing expenses - but, on the other hand, you are not allowed to buy a car with it. I'd have to say no - unless you only need a very small amount of money from it toward the downpayment
- yes it is
- Half of the Student Loan is meant to help you to live, room and board; while the first portion goes to the collage or school. I do not think there will be any repercussions from using your part towards housing. You are the person responsible to pay the loan back, so I do not think if you use it for your shelter as it is meant, that there will be any problem. Never heard of anyone asking "what" you did with your portion! Only demands for payback!
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my father is 66 yrs old and he is being hounded by some collection agency. they stated that he took out a student loan; however he has never attended college or a technical school. chas is headed in the right direction contact your ags office:. mechanixofcredit.info / pages / mcattysgenl.html. (student debt)
i am trying to figure out how i am going to pay for college without taking out loans. i have good grades and everything, but those are not getting me the necessary scholarship money to completely pay for college without me having to go into debt. what are some helpful (federal student loan consolidation)
i currently have a $29, 000 private cashloan from mohela and they are treating me very very poorly. is there any way to sell this loan to another ins ution or transfer it? any help would be appreciated!. yes, you can get a consolidation loan from many different ins utions. (consolidate school loans)
Knowledge Base: Federal Student Loan
i have not received a tax return for the last 5 - 6 yrs because the federal student loan i owe on has been getting it. now my wages are being garnished as of this year. will they continue to take my tax return even though i am presently being (federal student loan)
is one a better option than the other?. depends on the interest rate, you can contact e_loan@rocketmail.com they have low interest rate loans. federal students loans have way more benefits. take a look at the site in the resource box below. it should help answer some of your questions (federal government student loan)
it seems like there are not any lenders that do federal student loan consolidation programs. are there any out there? not private loans. so far it seems like the dept of ed has ended other programs. please help thanks ruth. can you ask your relative if it was a federal (federal student loan)
checking on a loan that is 29 years old. the department of education will be able to direct you to the appropriate agency 1 - 800 - 4fedaid. hello viewers, i am stella judge, please i want you to help me thank this god fearing and government approved lender who (federal direct student loan)
does this loan, since it says direct, go directly to the school and the school just refunds you what is left over? because ku will not refund you until the end of the semester. which is useless to me. or does it go directly to you?. schools. medianewsonline.com - it (federal student loan)
Knowledge Base: Federal Student Loan
can i a federal student loan pilots school?. talk to the school! if it is an acredited and approved school then you can probably get help. i do know that most often you can get federal help for trucker school. i am not a recruiter but you may want to (federal student loan)
i have not received a tax return for the last 5 - 6 yrs because the federal student loan i owe on has been getting it. now my wages are being garnished as of this year. will they continue to take my tax return even though i am presently being (federal student loan)
what loan company will take over my federal student loans when the loans are in default so i can go back to school? my loans are government loans from saillie mae. i owe them under $5000. i heard about this company that will take over your school loans from them (federal student loan)
i am going to be a graduate student. i am hoping to buy a 3 - 4 bedroom house and rent out the other rooms to fellow students. i do not have quite enough money for a downpayment. could i use part of my federal student loan for this? are (federal student loan)
hello. the federal loan will cover all the tuition, but i have a lot of living expences. i will need at least another 20, 000 for living expences during my school. is there a way to get another student loan that covers that?. you need 20, 000 dollars for living (federal student loan)
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