(3) Homeownership in general, and landlording in particular, has too many issues/pitfalls to address here. This is an excellent time in your life to read up on landlording, take some adult ed classes on real estate investing, maybe even arrange a P/T job in a real estate management office so you can make the rookie mistakes on someone else’s dime. Then when you’ve got a (real) downpayment and enough income to cover the mortgage, you’ll be well positioned to do so profitably.
Needless to say if the university or even the financial or the feds believe things, I am a little particular might pay it off contained in this life (therefore the 2nd)
The short answer is “absolutely not”. First of all, when you get the loan, you sign a promissory note that says in part that the money will only go for school related expenses (which on most loans you have to approximate those up front). Once you get the loan check, of course you can take a chance and take a ski vacation with it, buy a car, or buy a house.
In other words, dont have any illusions: it would be completely illegal and there would be consequences if you are found out.
posted by jak68 at PM on
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