Taking out a private student loan for buying a car?

College Life
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<p>Well I don’t know what school he goes to but my former school approved a certified loan that was $25k over and had the gall to refuse to give the money back to either myself or the bank because they wanted to keep it for the next semester. And I would have to pay interest on them holding it hostage.</p>

<p>Hence one of the many reasons why it’s now my “former” school.</p>

<p>I swear some schools have monkeys working in their offices.</p>

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<p>You’re not hearing me.</p>

<p>The OP CAN take out a private loan, he can also put his dong in a vice. I’m saying take out a low-interest loan THROUGH the school. It doesn’t even need to be federal, altough I’d take the best one. You can take out low-interest Perkins loans. His original idea was a dumb one, because he didn’t realize you CAN TAKE LOANS THROUGH THE SCHOOL.</p>

<p>And you fail to grasp my point still.</p>

<p>I assume, as of now, TUITION <em>IS</em> BEING PAID, mystically, somehow, either by him, his parents, financial aid, or some combo of the three.</p>

<p>So you add +$6,000 loan ------ thus you have a surplus $6,000 to spend ANYWHERE, including, if you choose, a down payment on a car. No credit required. Thank you.</p>

<p>In most cases, his parents would have to be informed of the situation and agree to it, yes.</p>

<p>And as to not confuse you, in a technical sense, the loan is being applied towards tuition (in most cases it forcibly is and you can’t even access those funds). The other funds that traditionally pay for tuition float to the top.</p>

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<p>Only if paying for the tuition with the loans actually frees up those funds, which is at the discretion of his parents and cannot be assumed, which was my point.</p>