[BoxBoxBox]

I am thinking of taking out a loan to finish my degree, 2 semesters left, but I don't have enough $$. The reason I ask here is my dad says 'no they can't be used on that' while some research points to 'yes' I am wondering if I can take out a student loan to cover apt rent and a user car... so I don't have to work in a factory to get by (my last resort, agh!) thanks for your help!

 

[pne]

is it a government loan or a bank loan? If its a loan from the bank you can use it to do whatever you want.

 

[Davesrose]

Depends on the loan, but if the entity loaning out the money doesn't have any clauses, then it's fair game to do whatever with it. Your dad is being financially sound by saying just don't do it. A loan is debt. The more debt you accrue, the harder it will be to get important loans, and your interest will get higher.

 

[pne]

keep in mind the main advantages of getting a student loan is that most of the time you carry the loan throughout your time in school, and you only have to pay the interest. once you get out of school you will have to start paying back the loan (sometimes they give you a year). best thing to do is go to the bank and ask.

 

[Manny Calavera]

Yes you can,I did it many years ago with an OSAP loan.But it is a BAD bad bad idea ! Do not do it,unless absolutely necessary !

 

[BoxBoxBox]

Quote:

Originally Posted by pne /img/forum/go_quote.gif is it a government loan or a bank loan? If its a loan from the bank you can use it to do whatever you want.

I believe federal loan is my option, not a bank loan, does that make a difference?