Using a Stafford Loan to buy a car, Help Please?

D

Danny

New member
Hey my school is fully covered by financial aid. It’s about 10 grand and it’s totally covered by Pell and TAP, I NEED a car to get to and from school, I recently totaled my car. Public trans is not possible, I don’t even know how to ride a bike. The decision has already been made to buy a car.

My question is: Since my school is completely covered by Financial Aid can I still take out a Stafford loan? And use it to buy a car?

I am confused because I know that usually whatever is left over after a loan like that pays for your school is sent to you and you’re free to use it how you like. But what about if I don’t need any extra money?

Please just answer the question, I do not really want a lecture as I have recieved before on Yahoo Answers

Thanks in advance all
 
Doubtful -- those loans are supposed to be for education, and they're done through your college. Maybe you could get a regular, private loan, though.
 
what. I have had a Pell grant covering completely and I was still able to take out a Stafford loan. I've never had to explain the usage either.
 
From my experience, after the school takes their money, you probably won't have enough left over to buy anything but a clunker. Try and see will your parent or guardian co-sign a loan for you to get a decent car or buy you a car outright.
 
From a legal standpoint, I wouldn't advise it. Three acceptable ways to spend your Stafford loan funds are outlined in the fine print on the forms:

1. Tuition
2. Books
3. Meth
 
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