Can a guy take a student loan of $40,000 and buy a car with it?
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Seems unlikely.
From the article:
“If you choose to borrow some or all of the student loans you’re offered, the federal government sends the funds directly to your college to cover your tuition, fees, room and board, and perhaps other school charges. Any loan money left over after that, called a credit balance, is supposed to be sent to you via direct deposit or check within 14 days unless you have asked the school to retain it for future expenses.”
Ain’t that a cozy arrangement?