Fed Financial
Can a private student loan be used to purchase a car?
I commute everyday to school and am in desparate need of transportation. I've been looking around the internet at different private student loans (astrive, thinkfinancial). They have lists of what you can/can't use the money for.."transportation to and from" school is on the list...but it never comes straight out and says if that includes the purchase of a car (used) or not. I was just wondering if any one knew the answer to this for sure. Honestly, I consider a vehicle an essential part of my education....but I don't want to get in trouble....let me know!! :)
Public Comments
- A car would be included in transportation. A lot of people assume college students live on or near the campus
- i dont think so because i think that student loans are only suppost to be used for thinks like books and stuff like
- Yes, that includes buying a car, although they assume that it will be a used one.
- Allowable transportation costs include bus passes, gasoline, tires, maintenance, etc. but not purchasing the car.
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