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Alright, so my parents have enough money to put me through college, i was just wondering if i could take out a student loan and use it for whatever. My plan is to have 24k to buy a new car with after college, because i'd have enough cash to buy it upfront (and then would have small yearly payments, which would be quite an advantage) is it possible to do this?

By Emeraldkity4 (Emeraldkity4) on Sunday, May 18, 2003 - 12:03 am: Edit

You can take a loan and use it for whatever. As soon as you graduate or even before you will be deluged with applications for credit cards, mortgage ins, life insurance, singles clubs more crap than you ever dreamed of.

As far as a student loan with the subsidized/low interest rate, no that would not be available to buy a car as it is for tuition and fees.
What you could do if that was what you were set on, is talk your parents into buying you a car for graduation and then applying for loans for school
While I think it is a good idea to start a small loan that is manageable so that by the time you graduate college you have built up a decent credit history, you really don't need a car in college, and you don't need the expense of ins payments either.

By Tiger1986 (Tiger1986) on Saturday, July 05, 2003 - 08:59 pm: Edit

How do you apply for a student loan? Do you apply for it with the regular admissions process? Or do you apply for it after you have gotten into a college? PLEASE answer my question. It will be very much appreciated.

By Emeraldkity4 (Emeraldkity4) on Saturday, July 05, 2003 - 10:14 pm: Edit

if you are applying for financial aid, it is part of the process of filling out the FAFSA and I believe there is a part ( or maybe that is the PROFILE) where they ask if you are interested in workstudy or loans.
Your college may also have additional financial aid forms so you need to let them know you are applying for aid

http://www.finaid.org/fafsa/
You can apply for the FAFSA for the 2004-2005 year on January 1st 2004.

By Tiger1986 (Tiger1986) on Saturday, July 05, 2003 - 10:20 pm: Edit

I'm won't be applying for financial aid though. My parents' salaries are big enough to be able to pay for my college education, but in reality we need the money. Is there a way to apply for a loan separately?

By Emeraldkity4 (Emeraldkity4) on Saturday, July 05, 2003 - 11:31 pm: Edit

then since you aren't getting a student loan, you probably would just be applying for a consumer loan.
But don't forget, books, travel, and living expenses all count toward student costs.
It may be worth it to apply for aid, at least until you see what your EFC is