Fed Financial
if i get a student loan and buy a car with it and get caught, could i go to jail?
i really need a car to get to school, and applied for a student loan from Astrive. they gave me 30k, and was woundering if i could buy a car with the money with out getting in trouble. thanks, i'm 18 and just getting started with my life, and don't need to be in any kind of trouble. but my parents said they could pitch in with help of buying me a car, and also could help a bit with my education. but couldn't pay for all of it, thats why i was getting a loan, but i was scared of comitting loan fraud or somthing like that, and go to jail. yea i can pay it off, the agreement was to pay it off by 2013, when i am expected to graduate. i am going into nursing so it will take a bit longer for me, but my parents said if i couldn't pay it off by then , they will. and i'll pay them when i get a good job going on for me.
Public Comments
- Since it is an outside loan I doubt you could get in trouble. This is just a loan from a bank that they happen to advertise as a "student loan". It isn't like the student loans you get from the school which are usually some what subsidized by the government. I would say if it wasn't awarded by the school fin aid office your probably good. However its probably not a good idea to borrow 30k in one year!
- I have received regular student loans and after receiving the check, they don't really ask you what you've done with it, so most people buy whatever they deem necessary. However, this is still a loan that needs to be repaid and if you're not using it for your education, then you're going to have find other means to pay for your studies. Just use it wisely.
- As long as you pay the money back, I'm sure they won't complain. You will still have to prove that you're attending school, otherwise the repayment starts sooner.
- I am no gonna say I am one hundred sure about it.Besides it really depends on the personal feelings.SO it would better for you to find yourself.Here is a good resource.http://loan.goodhelper.info/chiropractic-consolidation-debt-loan-student.html
