Student loan Repayment program SLRP 20,000 is what I'm eligeble for I need a car and have a down payment but will need to finance about 7000 dollars worth can i take out a student loan pay it on the car then payback the student loan with my SLRP? Is that illegal?
I am in the army reserve %26amp; they will pay up to 20,000 of a student loan back does that include a car?
You can't be serious. A student loan is intended to pay for tuition. Certain other allowances can be included (books, supplies, etc.). Transportation expenses can be included, but usually includes bus fare, or gas in a vehicle. Not the vehicle itself.
What you are trying to do is wrong, and misappropriation of financial aid is illegal. Interest rates are lower, and payback schedules are much easier and relaxed than a conventional loan because they are intended for higher education. If you want a car, you have to go to a bank and get a conventional loan.
I am in the army reserve %26amp; they will pay up to 20,000 of a student loan back does that include a car?
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I am in the army reserve %26amp; they will pay up to 20,000 of a student loan back does that include a car?
The answer is NO. Sorry. Federal regulations expressly forbid the making of student loans for the purpose of purchasing a car. So, one you can't get a student loan for this, and two, the military isn't going to pay back a non-educational loan, and they certainly are not going to buy you a car.
I am in the army reserve %26amp; they will pay up to 20,000 of a student loan back does that include a car?
Students Loans is only to be use on education. Yes it is illegal to use a student loan on that a part of higher education. Maybe you can ask the bank in you area to give you loan.
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