I'm trying to apply student loans through "stafford loan." Once i get approved it, DO i get money directly into my checking account? because the major reason i'm applying student loan is because i want to pay off my credit card bills. can someone help me? i'm living with my parents and i don't know i could be eligible to get a loan to payoff my credit card bills and school at the same time
2006-08-05 18:09:05 · 3 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
You are not aloud to pay off your credit card bills with student loans. Its illegal, and can cause you to not get nay more fiancial help from the government.
2006-08-05 18:13:03 · answer #1 · answered by chicata25 4 · 0⤊ 0⤋
You will get the excess check from your school-if there is any, that is...If your school tuition is covered by financial aid, you should get an excess check from your loan. If you're paying cash for school, I doubt you will get an excess check. I know what you mean though, I paid off a card with my excess loan money. It sucks I now have a bill to look forward to when I graduate, but the school loan was a much better % rate than the credit card was.
2006-08-05 20:35:11 · answer #2 · answered by diyta 4 · 0⤊ 0⤋
Stafford loans are loans through ur school. U won't get the money until like 6 weeks after school starts, & the money goes directly to the school, now if u have an excess credit check-money left over from ur financial aid, then u can do whatever u want with ur money.
2006-08-05 18:44:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋