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Author Topic: Can use a part of your loan money to finish paying off your car??  (Read 3630 times)

cam108

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Re: Can use a part of your loan money to finish paying off your car??
« Reply #10 on: April 26, 2005, 01:13:33 PM »
hey, i was rejected from Stetson as well. I was so upset, it was one of my top choices! Actually, I love South Texas because it will only cost $60k for 3 years. Because honestly, of the few schools i've been accpeted too, the only one i would consider going to is Hofstra. But its like 30K a year and once you add COL expenses is comes to be 50K a year! and to me that is WAY to much money for a shcool that doesn't appeal to me all that much. I don't even plan on sending in the seat deposit.I've noticed though on average most private law schools cost around $30k a year. So thats why i'm so impressed with STCL being only $20K. I've heard very good things regarding houston, that its a excellent job market, and the only other real compitetion there is UH. Also, from what i hear even though its a tier 4, STCL has a good local rep in Houston and of course its now ranked #1 in trial adovacy, which is something i'm also interested in. I mean I also understand that ok fine, if you were to move anywhere other than somewhere in Texas, not a lot of people would be familiar with STCL but i can live with that. I really think its a good value being a tier 4 or not.
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likebutta10

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Re: Can use a part of your loan money to finish paying off your car??
« Reply #11 on: April 26, 2005, 01:36:55 PM »
Any plans for a visit to STCL in the near future??

cam108

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Re: Can use a part of your loan money to finish paying off your car??
« Reply #12 on: April 26, 2005, 08:24:31 PM »
Well I live pretty far from Texas, I'm in MD. So i don't really plan on visiting until i get an acceptance! :D
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Name Changing Queen

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Re: Can use a part of your loan money to finish paying off your car??
« Reply #13 on: April 29, 2005, 11:12:00 PM »
Technically, you are not allowed to use student loans to pay for a car. It is part of the loan agreement. But there is nothing stopping you from doing so, you just cannot ask for more loans to compensate.

I think I read that is illegal to use student loans to pay any prior debts (credit cards, car payments) etc.  I think that this rule is here to protect you.  If your car was being reposessed or something, they couldn't take the money you have in the bank if it was student loan money because of the rule...  Could be wrong, just a guess.
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Stacers117

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Re: Can use a part of your loan money to finish paying off your car??
« Reply #14 on: April 30, 2005, 02:48:39 AM »
I hope you guys are wrong about what you can use loans to pay off...I borrowed some money from undergrad and have been using the difference to pay off my car. I think the whole thing is just that you cannot ask for more money asides from what the school calculates costs to be. Why should they care if you spend your money on groceries, or a car payment, or a purse as long as you dont ask for more?

cam108

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Re: Can use a part of your loan money to finish paying off your car??
« Reply #15 on: April 30, 2005, 03:31:11 PM »
yeah that could be true. cuz i remeber in undergrad, when we would have money left over from our student loans and they'd cut us a refund check. We just did whatever we wanted with the money besides send it back to pay on the loan!  :D
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Name Changing Queen

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Re: Can use a part of your loan money to finish paying off your car??
« Reply #16 on: April 30, 2005, 04:31:50 PM »
I hope you guys are wrong about what you can use loans to pay off...I borrowed some money from undergrad and have been using the difference to pay off my car. I think the whole thing is just that you cannot ask for more money asides from what the school calculates costs to be. Why should they care if you spend your money on groceries, or a car payment, or a purse as long as you dont ask for more?

Yeah, like I said, I think it is meant for you protection, so that if you're planning on using the money for a semester's worth of expenses, nobody can demand those funds for an account in arrears.  I don't think they reaaly care how you use it.
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bruin

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Re: Can use a part of your loan money to finish paying off your car??
« Reply #17 on: May 03, 2005, 04:28:19 AM »
I think that it is a matter of that the schools don't know what you do with excess (after tuition) loan money and can't/won't really care. The government has guidelines concerning what loans can and can't be used for, but this applies to what the schools can put in the official student budget.
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Oneof2

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Re: Can use a part of your loan money to finish paying off your car??
« Reply #18 on: May 03, 2005, 10:11:32 AM »
I borrowed a little more than tuition and since my rent will be paid for already I was thinking that I would use the extra money to pay off my car loan. I dont see how I could get in trouble for doing this since Id still be below the total COA.

cam108

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Re: Can use a part of your loan money to finish paying off your car??
« Reply #19 on: May 03, 2005, 01:35:28 PM »
Yeah, I don't think it really matters as long as your borrowing within the specific budget amount. Because really they don't know where the money is going after they approve you for the loan. I would say you're prolly right.
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