Is it illegal to use a student loan (stafford loan) to make a down payment on a house?

Question

I took out $20,500 in student loans this year and only needed $10,000. I got a check back from my school for the rest. Would it be illegal for me to use this balance for something other than school....since housing counts as living expenses?

1 month ago - 2 answers

Best Answer

Chosen by Asker

NOT as long as you meet all the requirements for the loan. Full time student, adequate GPA, attend both semesters, etc. BUT can you get mortgage approval while a fulltime student?

Source(s)

. . . .been there, done that. . . . .

by chatsplas

1 month ago

Asker's Rating:

Search Yahoo! Answers