Rules of buying a car with my student loan???

I have just been approoved of a tertiary student loan for 16500 my school fees are only half that and told the bank i was going to buy a car through a private sale with the rest..... Now i have to get %26quot;the seller of the car%26quot; to provide my bank with a statoratory declaration form saying i have brought a car of them- could i just get a friend to sign the form saying they are selling me their car --- the money goes to their account -- and then they just give me the money??? Or are they going to ask for more documentation like registration of the car or anything like that EVEN if it through a private sale????? because i don want a car!

Rules of buying a car with my student loan???

I'm assuming your %26quot;because I don want a car!%26quot; was a typo and you meant to write %26quot;because I do want a car%26quot;. First question is is this a private student loan you are getting? At least with a federal loan what happens is this... the money goes to the school, first your fees, tuition, etc. is paid for first and then the excess is sent to you directly through your bank (direct deposit) or by check (it's your choice). Then really you can do what you like with the excess. With a private loan I don't know much, but from what I've read it's similar except that you get the money directly in some cases and then have to pay your tuition and fees yourself. In both cases though it would seem that you can do with the excess what you like. A car doesn't generally fit under the category of %26quot;school related expenses%26quot; BUT if it's your primary mode of transportation to school then I personally think it should be fine. I know personally that if I didn't have my car then I couldn't get to and from school! I live almost in the country and it's a good 20 minute drive there and there isn't any bus service out here.

I hope this answers at least some of your questions, I'm not real sure what's going on with your bank, it doesn't really make sense. Sorry!

Rules of buying a car with my student loan???

I have good experience here,if you feel interested.check it out yourself.

http://studentloan.expertips.info

Rules of buying a car with my student loan???

Don't buy a car if you don't want a car!!!

Rules of buying a car with my student loan???

If it's federal money (and I know this for sure) you can NOT purchase a car with FA if other public transportation is available.

I purchased a car with my FA in 2004 and they audited me. I provided them with sales docs and they said no dice.

Good luck, though! I don't know how many people actually get audited through FAFSA.