Financial Aid to Buy a Car?

Would that be a good idea?





I will need a good reliable car for college in the fall and I'm getting FA..My Tuition will be 95% payed for by my school so that will cover my room and board, cell phone and BOOKS!





I will be getting a job..





But would that be a good idea to spend Financial Aid money on a nice car about $4,000?
Financial Aid to Buy a Car?
I think loan would be better option for you, there are many online sources who provides car loan with low interest rates try to contact them and get your problem resolved, for your reference http://www.carloan123.net i have recently get a car loan from there and also with a low interest rates, try them.
Financial Aid to Buy a Car?
It would be misuse of the funds and probably illegal.
Reply:Saturn's are great on price,gas and repairs.Don't hold value like a Honda,Acura or Toyota but they are still great cars.After all cars are not an investment...a house is.You will get your monies worth and then some. Honda would be my first choice...but they are too high even for older models they still go for $4000-$2900 (1993-1995 )you will get a much newer car %26amp; low mileage with $4k on a Saturn or Focus. And they are cheaper on Ins. Honda's ,Toyota,Acura are highly stolen cars therefore higher to insure and your age has big impact as well on your rates. If insurance company knows you drive it regularly the higher the monthly quote. If you say you drive a few miles a year it will be more affordable.Either way you will be covered no matter what.
Reply:You should not be using your student loans for anything but tuition, room and board (dorms or apartment + bills), school supplies and food. You should not even be paying your cell phone bill with it. If you're getting that much extra, you should be paying it back, not digging yourself a bigger hole after you graduate.
Reply:Several other folks have said this already, but I'll say it once more. It's a misuse of financial aid funds to spend it on somethiing that's not *directly* related to your education. So the question becomes... Is the car directly related to your education? My guess would be that the answer is "no."





More importantly, that financial aid money (Federally backed loans) is *limited* nationwide! That means if you take out more financial aid than you need, someone else won't be getting aid that they *do* need. So morally, it's simply wrong to ask for more than you need.





Last point... My guess is that you won't be approved for financial aid that you don't need. If you're at 95% scholarship, you're unlikely to get much additional aid. All of which makes *me* feel better about the aid going to the right students.





*Phew!*
Reply:It will depend on what kind of APR you have on your FA. I heard their rates are quite high these days and it might be a better idea to take out a traditional auto loan rather than using your FA money for it.