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That is very interesting, in many years of dealing with student loans for myself and my wife, I have never heard sucha thing! For example, the Department of E
by ensignavenger 10y ago
That is very interesting, in many years of dealing with student loans for myself and my wife, I have never heard sucha thing! For example, the Department of Education publications usually say somthing like:
"You may use the money you receive only to pay for education expenses at the school that awarded your loan. Education expenses include such school charges as tuition, room and board, fees, books, supplies, equipment, dependent child care expenses, transportation, and rental or purchase of a personal computer"
(see https://studentaid.ed.gov/sa/sites/default/files/your-federal-student-loans.pdf https://studentaid.ed.gov/sa/sites/default/files/your-federa...)
It would be interesting to find an official statement on this... I couldn't find anything on the Dept. of Ed website and my search for the actual laws didn't turn up anything...
- brianwawok 10y agoTransportation means buss fairs not cars. I was given paperwork when I got my undergrad student loans, and it was very clearly spelled out. If the loans are private, I am not 100% if all of the same rules apply.
- ensignavenger 10y agoNot everyone lives in areas served by a bus system... none of the paperwork I have ever seen has spelled out any of this like that... it may depend on the school you are attending. I don't know, I haven't found the law or any official statement by the Dept of Ed. on it.
- brianwawok 10y ago> Not everyone lives in areas served by a bus system.. Totally not related to the discussion. The rule does not say "If you live in a place served by busses, you cannot buy a car with student loan money"
- ensignavenger 10y agoMy point is I'm not sure it is actually a rule- I can't find anything official that says that it is a rule. If it is a rule, it is a stupid one- but that is indeed a different discussion.
- brianwawok 10y agoI agree with the rule. It's meant to discourage people from buying massive expenses with a loan that cant be discharged with bankruptcy.