2006-06-07 08:20:15 · 4 answers · asked by Homeless 1 in Education & Reference ➔ Financial Aid
You're not supposed to, no. Educational loans are meant to be used for educational purposes. Your school is responsible for ensuring that you have not obtained more financial aid than is required to cover these educational costs. However, most schools allow their students to borrow more than they just their billable charges, and if you have received a refund check (i.e. if your financial aid has been applied to your year's bill and there are proceeds "left over"), you can do with that refund as you please -- invest it, spend it, etc.
A word or caution: if you spend your money on a home and then come up short for tuition, don't expect to be allowed to borrow another educational loan. And if you borrow a loan and then drop out, withdraw, or otherwise become inactive, your eligibility for financial aid may be recalculated and you may need to repay the funding that you received.
2006-06-07 08:46:27 · answer #1 · answered by FinAidGrrl 5 · 1⤊ 0⤋
1
2016-10-24 17:48:50 · answer #2 · answered by Judith 3 · 0⤊ 0⤋
No cannot do that.
2006-06-07 08:28:10 · answer #3 · answered by askmuslims1 4 · 0⤊ 0⤋
don't think so
2006-06-13 11:54:25 · answer #4 · answered by dbreard54 1 · 0⤊ 0⤋