Are there any restrictions on the use of student loan funds?

Yes, there are restrictions on the use of student loan funds in New Hampshire. Student loan funds can only be used for qualified educational expenses, meaning expenses related to enrollment or attendance at an eligible postsecondary educational institution. These expenses may include tuition, fees, room and board, books, supplies, and other necessary expenses. In addition, student loan funds cannot be used for any payments that would normally be made from non-loan sources such as income, savings, or even gifts from family or friends. Student loan funds also cannot be used to purchase property or invest in any kind of securities, or to pay off any other loan. In order to ensure that the funds are only used for educational purposes, the borrower must also provide proof that the student loan funds were used for qualified expenses. This proof may include canceled checks, receipts, financial aid award letters, or tuition and fee bills. If the funds are not used for educational purposes, the borrower may be required to repay the loan in full. Additionally, it is important to remember that there are limits to the amount of money that can be borrowed each academic year. Exceeding these limits may result in losing the ability to borrow from the program.

Related FAQs

Are there any tax advantages to repaying student loans?
What is the maximum amount of student loan debt I can take out?
Are there any options for consolidating federal and private student loans?
How do I calculate my monthly payments on my student loans?
How do I find out if I qualify for student loan debt consolidation?
Are there any grants or scholarships that can help with student loan repayment?
Are there any grants or scholarships specifically for online students?
Are there any government programs to help reduce student loan debt?
Are there any student loan repayment programs available for public service employees?
Are there any programs available to help me get out of default on my student loans?

Are there any restrictions on the use of student loan funds?

Related FAQs

Related Blog Posts