Can i payoff my outstanding debt, i.e. car debt, credit card, and personal loans off with a student loan?

Question

I plan on going to school full-time but need to have money to payoff my outstanding debts.

Answer 1

hi there! just take your time and go through this lot, you are bound to find what helps you out!
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if you get any luck please don't forget about me, hope it helped you.

Answer 2

Yes you can and in some ways if there is no other choice I recommend it. Reason being that Student Loans are at a lower interest rate than any other loan or credit card you can get. So you can save some money in the long run.

Furthermore there are two types of loans. One is subsidized and the other unsubsidized. If you qualify for the first, your interest is subsidized by the govt, so that you actually don't have to pay interest until 6 months after you graduate or drop out of school.

If you get the latter, you do have to pay interest but at least it's at a lower interest rate.

Federal financial aid is given for a student to meet all life expenses will going to school.

While this should not be an excuse for someone to get financial aid for anything other than school, if paying off the current debt will help you get a degree then it's worth it.

But don't make the mistake and get into debt again, on credit cards.

In addition if you qualify for a student loan you will also probably qualify to have your tuition fees waived if at a State college or university. Look into it.

Answer 3

Absolutely Not. You will never get student loans again if you don't use them for school purposes. And it sounds like you need to use the student loans for what they are intended for (to GO to School) so you can get an education, get a decent job and THEN be able to afford credit cards. Cut them up and don't buy anything you can't afford. Get on a payment plan and pay as much as you can as fast as you can without using student loans.

Answer 4

Yes. At a certain point in the semester after all charges have been paid in your account at school you'll have a credit balance. You will be able to get whatever amount is left in your account by going to the financial aid department.
I said it like that because student loans go directly to the school. Most loans don't come personally to the student without going through the school first.
You'll have to ask when your schools date is for withdrawing credit balances.

Answer 5

Once you get the loan money you can do whatever you want with the it, but you might want to take care of your school expenses before paying your bills. I knew a few people in school who had to rely on their student loans as income because they couldn't work while in school full time.

Answer 6

I wouldn't recommend it. Worst case scenario, you could always file bankruptcy, but you can't file bankruptcy with student loans. You HAVE to pay them back, plus interest, if not paid on time. There's no way around paying student loans.

Answer 7

You can pretty much do whatever you want with your student loans.

Answer 8

maybe - if you have a job