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Can loans pay for credit cards/ car loans?

Discussion in 'Financial Aid' started by Eddiebliss, May 9, 2002.

  1. Eddiebliss

    Eddiebliss Junior Member 10+ Year Member

    17
    0
    Dec 21, 2000
    Cleveland, OH, USA
    Hi, I know that schools say you can't use your stafford loans to pay for cars or for credit card debt, but do they actually check this? Do you have to provide receipts for your expenses to show that they are all education related? Just wondering.
     
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  3. paean

    paean Senior Member 7+ Year Member

    515
    1
    Apr 21, 2002
    You can borrow up to the standard student budget, without them asking what you spend it on. If you can live really cheaply, then yes. Student budgets are not very big, however, and in order to get an increase, you will have to show that your allowable expenses (rent, food, car insurance, gas & maintaince, 2 round-trip flights home, books, etc.) are higher. So if you were planning to ask for an increase and tell them it is for allowable expenses, you will have to show receipts.
     

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