Emily asked:
Last semester, I had to buy a new computer. I put that and my car insurance payments on a credit card. This semester, I’m getting a student loan. Is it legal to pay off the credit card with the remainder of the loan?
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Last semester, I had to buy a new computer. I put that and my car insurance payments on a credit card. This semester, I’m getting a student loan. Is it legal to pay off the credit card with the remainder of the loan?
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You can use the proceeds from a student loan any way you wish. In the first place, it is never questioned & lendors have not expressly forbad it. It can be argued that by reducing the credit card your stress is reducd, therefore, you could more completely focuse on school!
And YES, I know just how stupid that sounds!!!!!!!!
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Why oh why don’t parents save for their kids college.
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Unfortunately it is perfectly legal to use those student loan funds for what ever. There are a lot of professional students out there that literally live on student loans for years. Eventually they run out of options and end up whining about the huge student load debt and the inability to find work in their field.
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