taking out loan before grad?

  1. I'm getting commissioned in the Army and they said they are paying up to $90,000+ in my loans. The question is I have 4 Weeks before I graduate can I still take out a loan from say Stafford (GreatLakes lender)? I want to use the loan for a new car payment. I don't even know if this is ethically right because i be using the money not for school but for something else. is it possible? I'm kinda afraid to call GreatLakes b/c they might report me for misusing loans haha. My recruiters said people have done it in the past but taking out a loan this late in the game seems impossible to me. Thanks for any info!
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  2. 3 Comments

  3. by   Gennaver
    Quote from onesecplz
    I'm getting commissioned in the Army and they said they are paying up to $90,000+ in my loans. The question is I have 4 Weeks before I graduate can I still take out a loan from say Stafford (GreatLakes lender)? I want to use the loan for a new car payment. I don't even know if this is ethically right because i be using the money not for school but for something else. is it possible? I'm kinda afraid to call GreatLakes b/c they might report me for misusing loans haha. My recruiters said people have done it in the past but taking out a loan this late in the game seems impossible to me. Thanks for any info!
    Hello,
    90K? Hmmm, astounding. Max I could get from the HPLRP is 30K before taxes.

    You are right, it is unethical to borrow money for school and use it to pay for a car, unless of course your money for school includes your cost of attendance and you ALREADY have the car and the montly payments would be a part of your cost of attendance. If you are afraid to call b/c of misuing loans, then you already know that you are about to commit some sort of violation, if you want to be 100% certain, call and ask. If it "falls" under cost of attendance maybe.

    My vehicle payments were 100 bucks a month, I had the vehicle for two years before going into my current program so, they were a part of my cost of attendance...literally.

    Gen
  4. by   richardjboro1
    [QUOTE=onesecplz;2157339]I'm getting commissioned in the Army and they said they are paying up to $90,000+ in my loans.


    as far as 90k... They ARE paying up to 90K over 3 yrs, 1/3 each year. That is straight from my AMCC recruiter's mouth AND on paper. Just so the amount isn't in question. As far as the ethical issue... I will let others advise on that, but I'd think it was at least questionable.

    Richard
  5. by   Gennaver
    [QUOTE=richardjboro1;2159802]
    Quote from onesecplz
    I'm getting commissioned in the Army and they said they are paying up to $90,000+ in my loans.


    as far as 90k... They ARE paying up to 90K over 3 yrs, 1/3 each year. That is straight from my AMCC recruiter's mouth AND on paper. Just so the amount isn't in question. As far as the ethical issue... I will let others advise on that, but I'd think it was at least questionable.

    Richard
    Hi,
    Oh yeah, I think I heard that after I completed one years of the three year obligation for the 30K HPLRP that I could apply for it one more time for another 30K, (and another three year service committment). Yet, my current service commitment is six years total, (with the 30K adding three to the initial one).

    Hmm, wonder if that will still be around in the nearly five years before I am eligible to apply for the second 30K portion.

    edit: wait? Is AMCC totally different then AMEDD? your bonus is 30K a year for three years, mine is 30K per three years and allowable for a second application after the actual service committment for the three years is one year down, (which will take four years actually, three for my actual committment plus one for the HPLRP first year down). Do you have a link to this info?
    Gen
    Last edit by Gennaver on Apr 16, '07

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