Can a guy take a student loan of $40,000 and buy a car with it?
I do find it odd that I can get $50K in CC debt, spent on booze and strippers and I can discharge that via bankruptcy, but an 18 year old can never discharge student debt.
I understand that “they’re adults and should be held responsible”, but what about the 45 year old with a MBA lending money to an 18 year old.
Are they responsible in some way?
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.”