Using Student Loans to Pay Off Credit Card Debt?

Question

My husband was just pre-approved for a $12,000 subsidized student loan. They still need to check with the university he is attending to verify the loan amount....can the university tell them not to give my husband that much money? Tuition is only about 2,000 dollars. What do you think? Will they just give us the $12,000 he qualified for even though tuition is less? We really need this money to pay off credit card debt..plus he WILL use 2,000 of it for school.

Answer 1

You can use the loan for whatever you want. Why do you think they offer you the ability to take our far more than the tuition costs? That's the point of a student loan...you use it to help you get through school! It costs money to live in general, get back and forth to school, etc.

Of course you'll have to pay it back but if you take the right courses you should be making more money to compensate.

Answer 2

Like one of the responses said, after the school applies the money to the tuition, you will be refunded the remaining amount. The remaining amount is used to cover any expenses that yo may have while attending school for that semester. That is why you are approved for so much money. Many college students do not work or work only part time so the financial aid money may be used to cover the cost of living throughout the year. Also you should understand that usually the financial aid money that you recieve is meant to pay expenses for the year, let's say 2007-2008. Generally, colleges split the accepted money in two parts. So instead of getting 12,000 at once, you will recieve 6,000 of the money. This means that 2,000 will pay for your tuition and 2,000 for your husband's and then 2,000 may be apllied towards your living expenses. You will recieve the remaining 6,000 once you have enrolled for the next semester.

Answer 3

depends really they may see it as living expense as well and pay it to you just tell them you need it for food and rent and stuff and you should be fine