I had a teacher who told the class that he bought a NEW car on his student loan. Can you really do t

All the guy said was that he used it as a financing company, and I really need a new car, and I do have a student loan. Can you really do that?

I had a teacher who told the class that he bought a NEW car on his student loan. Can you really do that?

I would get school grants and loans and use them for everyting. Cars, etc.. Go right ahead....Purchase a non expensice car. Buy what you need not what you want!!!!

I had a teacher who told the class that he bought a NEW car on his student loan. Can you really do that?

Everyone that I know that has had one, has used their loans for everything but school. that are given as a way to help you financially any way possible.

I had a teacher who told the class that he bought a NEW car on his student loan. Can you really do that?

my student loan is a check they mail to my house and i can buy whatever i want with it. if your is like that than if its enough you can buy a car

I had a teacher who told the class that he bought a NEW car on his student loan. Can you really do that?

I know lots of people who have done it

I had a teacher who told the class that he bought a NEW car on his student loan. Can you really do that?

Yes, you can use your student loan money to purchase basically anything if you receive more than what you need to pay for tuition, books, housing, etc. Which is pretty common. BUT, keep in mind, you have to pay your student loans back. You cannot get rid of your student loans, even if you declare bankruptcy, you still will have to pay your loans back. So the answer is yes you can buy a car with your student loan, but you need to think about is it really the best way to purchase it. It may be a good option if you really, really need a car and other means of financing have higher interest rates, but again you will be paying back your student loan long after you car has come and gone! I think your teacher need a class in money management.

I had a teacher who told the class that he bought a NEW car on his student loan. Can you really do that?

While you might be able to get away with it, it is NOT legal!

The government is clamping down on that sort of abuse these days. The penalties can be quite severe, even including prison time. At the very least, you will lose your eligibility for student loans. You may have your rates jacked up to market for personal loans and lose your deferrment period so you'll have to start making payments immediately.