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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » When you get a student debt consolidation loan, do you have to use it for that?

When you get a student debt consolidation loan, do you have to use it for that?

Even though I have a student debt loan for 5,000 dollars I applied for 5,000 dollars at a bank for a student loan debt consolidation loan but if I get the money I really need it for other things like bills and home payments, will they know and do they pay the loan or give you the money yourself?

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2 Responses to "When you get a student debt consolidation loan, do you have to use it for that?"

  1. OSCAR says:
    Sounds like you’re headed for financial disaster. Missed payments (on the student loan), collection agencies, low credit score for seven years. Your idea seems a little immature
  2. My Take on It says:
    If this is like a personal loan where they put the money into your account or gave you a check to do as you please with (well, you were supposed to pay off your loan) there isn’t a way for them to track how you spent it.

    The lender would have been smarter to have you provide all your student loan statements, and then paid them off for you. Too many people do what you are thinking of doing….bypassing what they really got the loan for and paying for other things.

    I agree with the other guy, you are going to regret this.

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