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

Yes, there are restrictions on the use of student loan funds in North Carolina. All loan funds must be used for educational expenses such as tuition, fees, books, supplies, transportation, and other educational expenses related to the student’s program of study. Loan funds may also be used to pay for expenses related to the student’s attendance, such as housing and meals. In addition, loan funds may be used to pay for reasonable costs associated with obtaining the loan such as origination fees, loan insurance fees, and repayment fees. All loan funds must be used for educational purposes, and the student must demonstrate that the funds are being used for that purpose. It is important to note that student loans are not intended to be used as a form of supplemental income. Any student loan funds used for non-educational expenses may result in the student having to pay back the loan with interest.

Related FAQs

What happens if I can't make my student loan payments?
Are there any options for students with bad credit to get student loans?
What are the consequences of defaulting on a private student loan?
How do I contact my student loan servicer?
Are there any fees associated with student loan servicing?
Are there any grants or scholarships that can help with student loan repayment?
What are the eligibility criteria for student loan forgiveness?
What are the differences between federal and private student loans?
What are the benefits of refinancing my student loans?
Are there any special programs for students in certain professions?

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

Related FAQs

Related Blog Posts