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Can I take out student loans to buy a car ?

I am a full-time student and mother of a two year old. I do not make enough to buy myself a car, but I am in desperate need of one. I have been sharing a car and it just isn't working anymore. I live an hour away from the college I go to and there is no public transportation here(tiny little town). Can you get school loans for anything ? There is a woman in one of my classes who says she gets a grand at the end of every semester. I don't know how loans work for anything other than just paying for school until you graduate and pay it back.

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Asked by Anonymous at 2:14 PM on Apr. 1, 2010 in Just for Fun

Answers (4)
  • you can take out loans greater than the amount of your tuition, I did that and used it for rent money during the school year

    Answer by peanutsmommy1 at 2:15 PM on Apr. 1, 2010

  • My son did it 2 yrs ago but It wasn't a government loan. I doubt you can now since Obama took over all the education loans. They are all government now or will be soon anyway.
    The government sends all grant and loan money to the school you are going to so you don't do that. There are some exceptions for trave expenses but that doesn't include buying a car.

    Answer by itsmesteph11 at 2:18 PM on Apr. 1, 2010

  • Don't get a student loan! The private ones (the ones not offered by the government) can charge you whatever they want whenever they want. You'll end up paying for it until you die. It can't be discharged in bankruptcy and is an all around bad idea. If you can't afford a car you can't afford a car. Don't do it.

    Answer by Anonymous at 3:13 PM on Apr. 1, 2010

  • years ago i knew of a lot of young people that used their student loans to buy houses!

    Answer by happy2bmom25 at 3:48 PM on Apr. 1, 2010

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