I've heard of people using student loans for non-school purposes...
is that true? how would I go about doing that...
is that true? how would I go about doing that...
Student Loan for Business start up
- Thread starter Big Dream$
- Start date
I heard of people using student loans to buy realestate.
do yall know how the process works?
do you have to be a active student?
do you have to be a active student?
Yes, you have to be an active student. Your best bet is to enroll full-time at a community college, since the tuition is cheaper(hence, a bigger refund). If you are eligible for a Pell Grant, which is based on your financial need, then you can take out a loan which you get back as a refund after your tuition and books have been paid.
1. You have to be a student. The money goes from the bank to the school. The only way you get any money back is the excess after tuition and fees are paid.
2. You can only borrow up to the cost of attendance. This includes tuition, books, school fees, and estimated living expenses. This figure is usually found on the school's website.
What you get: Amount of loan - (Tuition + fees)
Is it a good idea to use the extra money for something else? Up to you. In some places that little bit of money can go a much longer way. Just remember that if you drop out or drop your course load, your loan can be reduced and/or go back into repayment.
2. You can only borrow up to the cost of attendance. This includes tuition, books, school fees, and estimated living expenses. This figure is usually found on the school's website.
What you get: Amount of loan - (Tuition + fees)
Is it a good idea to use the extra money for something else? Up to you. In some places that little bit of money can go a much longer way. Just remember that if you drop out or drop your course load, your loan can be reduced and/or go back into repayment.
Yep, I got a pell grant for 1700, added another loan for 6000 + for this semester at the local community college (taking a few bullshit computer courses)and my tuition is around 1100. I get a refund check for the difference 30 days later. Gonna buy a new computer and invest in a work van. All in all I got approved for around 15,000 total.
^^^ yo Poot, check PM
