Feb
09

Can a Student Loan be used to buy a home. I found a place that is cheap and I’m already using loans for rent?

By
cheap loan

I found a house that is $15,900, mostly in need of cosmetic help. I am and have been paying rent with my student loans, but I’m curious if I am allowed to use my student loans to pay for the house as a cash payment.

I know your not aloud to use them as a down payments, or so I’ve been told, but if the entire thing is payed for with one student loan is that ok? Over the time period of my schooling I would actually be using less loan money than if I stayed @ my current place w/rent.

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Categories : cheap loan

2 Comments

1

No, because you can not cash out a student loan.
Just like you can’t use an auto loan for anything other than a car loan.

Remember, you needed a co-signer for your student loan.

Tried it.

2

Just the thing is, if you take out a student loan, it will be applied FIRST to your tuition, fees, charges. Whatever is left over, you will get a refund check and then you can cash it and do whatever you want to do with it. However, check with your school, because your disbursement amount could be reduced depending on how many hours you take.

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