Student Loan

[Gabe182]

Hey guys,

So I just got a student loan in late october for a winter car, everything went smoothly and I got the loan and car (A4). Now I took this current semester off just to work and travel a bit, so i had to re-register to mount royal for next semester so that I would be accepted for the student loan.

I registered for 1 class and have decided its going to be a waste of time, and that I would rather work for one more semester before getting back into school full time.

So my question is, is there anyway for the bank to find out if I drop the class I'm registered in, and can I be penalized for that???

Thanks
Gabe

[BrknFngrs]

You managed to get a student loan when you own a 2010 Camaro SS and an A4 as your winter car? I take it you used your "imagination" on that application.

[dj_rice]

From how I'm reading it, he got a student loan so he could buy the winter A4 car.

Shame on you for not using student loans for actually schooling.

[Gabe182]

Originally posted by BrknFngrs
You managed to get a student loan when you own a 2010 Camaro SS and an A4 as your winter car? I take it you used your "imagination" on that application.

Sold the Camaro at the beginning of winter, and lost bunch of money on it. I put down 10000 as a down payment and lost it, therefore needed the money for a winter car. And the A4 isn't new.

Anyways some of the money from the loan will be going towards school next year, I'm just wondering if I don't go next semester will i get screwed?

Dj_rice - I cant tell if your actually being serious or not, either way some of the funds will be going towards school in the near future

[KappaSigma]

Originally posted by Gabe182



Dj_rice - I cant tell if your actually being serious or not, either way some of the funds will be going towards school in the near future

THats the issue. The naming convetion "student loan" should be used for educational purposes.

[300zxfairlday]

I'd have to disagree, way I see it is the name "student loan" doesn't say "use for school loan" its a loan one gets when they are a student.

[Gabe182]

Originally posted by 300zxfairlday
I'd have to disagree, way I see it is the name "student loan" doesn't say "use for school loan" its a loan one gets when they are a student.

Thank you. If I needed a winter car to get to class and work so I can afford school, then why should I look like a dick for not spending it on books.

[dj_rice]

Originally posted by Gabe182


Thank you. If I needed a winter car to get to class and work so I can afford school, then why should I look like a dick for not spending it on books.


Because there are students who legitamately need it for schooling and are denied student loans.

[KappaSigma]

Originally posted by dj_rice



Because there are students who legitamately need it for schooling and are denied student loans.

Exactly. And sorry but an A4 is NOT a winter car. IMO, the person used the system to get a loan so they could get a nice car.

[300zxfairlday]

There not denied because the other guy got the loan. They are probably denied because they don't qualify for the loan. A loan is a loan, he's borrowing money which he's going to have to pay back and pay interest on.

[Gabe182]

Oh my god man, did not realize I was going to get judged by everyone. The only reason I could get the loan was because my credit was good. Even if a student needed a loan they must have a good credit score, not just good marks and a promise to spend all the money on books, Thats not quite how banks work.

Your making it seem like I'm stealing from all the students rejected for student loans.

[Gabe182]

Originally posted by KappaSigma


Exactly. And sorry but an A4 is NOT a winter car. IMO, the person used the system to get a loan so they could get a nice car.

How the fuck is a 1998 A4 quattro not a winter car????

you think I'm rocking a 55k 2011 A4? Good job making assumptions.

[300zxfairlday]

Really an a4 isn't a winter car? Please explain to me why audis cost more to buy near winter then summer? Why audis are so hard to find in winter. There are honda civics for sale for 4-5k and there are a4's for the same range. I would personally take awd over fwd. Some of your guys arguments are so retarded lol.

[Gabe182]

Originally posted by 300zxfairlday
Really an a4 isn't a winter car? Please explain to me why audis cost more to buy near winter then summer? Why audis are so hard to find in winter. There are honda civics for sale for 4-5k and there are a4's for the same range. I would personally take awd over fwd. Some of your guys arguments are so retarded lol.


Yeaaaa this kappa guy has no clue. I think dj rice just confused a student loan with financial aid.

[KappaSigma]

What I am saying is that a typical winter car is a beater. Obvious that when the OP said they had a camarto, etc and the amoutn they lost on it than most likely the "winter car" wasnt a car just to get them around to school.

[Shlade]

Like every student uses their student loan on just school stuff..

I see people blowing their student loans on clubbing every weekend and getting piss drunk..

OP bought something he needed.

Students get denied student loans because of NO CREDIT.

If every student had a nice built up credit every bank would give out loans left right and centre. You think they care? They make money off of this shit.

[speedog]

So no one appears to have answered the OP's concerns yet - that is whether or not the OP can get into trouble for using their student loan funds for a vehicle if they're not in school during the period for which the student loan was meant for?

Are there audits done? I know from my eldest son's experience to date that you're required to inform the student loans people of any grants/award/bursaries that you receive as that will most likely affect the next year's student loan amount that you'll be eligible for. But if you're not going to school and have used those student loan funds for something else other then schooling, can you get into trouble with the student loan people My suspicions are that there could be some legal ramifications for the OP as they are required to keep the student loans people informed of any change in their enrollment status - reference (http://alis.alberta.ca/ec/fo/studentsfinance/cashmaint2.html). Not sure what could happen, but I suspect the OP could end up having interest starting to be applied on their student loan or possibly have a demand made to have it paid back in full - anyone else have some ideas here?

[Kavy]

AKAIK, they have an Auditing system.

If they find you are not attending school you will have to repay the entire amount within 90 days.

Getting a student loan and not attending school is falsifying financial documents which banks are too keen on.

[speedog]

Originally posted by Shlade
Like every student uses their student loan on just school stuff..

I see people blowing their student loans on clubbing every weekend and getting piss drunk..

OP bought something he needed.

Students get denied student loans because of NO CREDIT.

If every student had a nice built up credit every bank would give out loans left right and centre. You think they care? They make money off of this shit. Don't think the issue is what the OP spent the monies on - the issue will come down to the OP's enrollment status on whether or not the OP kept the student loans people updated as to this status. On a side note, does anyone know if there is any way communications between the post secondary education facilities and the student loans people as to one's enrollment status?

[Gabe182]

Thanks Speedog and Kavy. Thats all I needed to know, I'll stay enrolled in that class. So is intro to finance easy :D

[turbotrip]

^stay enrolled, there's a pretty good chance that they can find out ur not enrolled, and then you have to pay the loan back within a certain amount of time (30days?)

[leftwing]

I bet around half of students who get student loans dont use it 100% on school. everyone i know, including me who has a student loan doesnt use it all on school. in fact my buddy got a large student loan and told them he was using it on a car and he bought and built a very nice mustang gt.

i have a student loan, but its only because they charge 0% interest so why not? use the student loan with 0% interest and put the cash into an account making more than 0% and your a genius.

to the OP: make sure you fulfill the requirements of your loan. some require full time study (3 or more classes) and whatnot.

and intro to finance isnt easy. Its not rediculously hard though. Its a class you need to actually go to though...

I just finished writing the final about 2 hours ago..

[JBreaks]

How to make free money thanks to government:

step one:
Take out maximum student loan possible.

Step two:
Buy 42 month GIC or alternative risk free investment product @ 4.2 - 6% return.

Step three:
Complete school and pay back loan at 3.5 years. Collecting risk free interest portion.
(Many student loans will be interest free within a given period before or slightly after anticipated grad date)

Step four:
Enjoy enthusiastic, yet short lived hookers and blow party.

[slinkie]

sounds like you should have taken intro to finance before you bought the camaro :rolleyes:

doubt you will get audited, its very rare.

[polarice]

Originally posted by Gabe182
Thanks Speedog and Kavy. Thats all I needed to know, I'll stay enrolled in that class. So is intro to finance easy :D


Is this a bank loan or student loan? A student loan, its assumed, generally comes from the government.

If it is a student loan, and you file your taxes, including your T4 and t220a and it shows that you did far less schooling than you were given funding for then you could be in for a headache when/if you get audited. I am in the process of getting audited right now.

My GF on the other hand has a BMO student line of credit and attended 1 semester of RDC 3 or 4 years ago and the bank hasn't asked for proof of anything or questioned if she was still in school.

[Gabe182]

Originally posted by polarice



Is this a bank loan or student loan? A student loan, its assumed, generally comes from the government.

If it is a student loan, and you file your taxes, including your T4 and t220a and it shows that you did far less schooling than you were given funding for then you could be in for a headache when/if you get audited. I am in the process of getting audited right now.

My GF on the other hand has a BMO student line of credit and attended 1 semester of RDC 3 or 4 years ago and the bank hasn't asked for proof of anything or questioned if she was still in school.

Yea I have the same type of thing your GF has.