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06-22-2012, 09:37 PM
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#1 | | RS.net, where our google ads make absolutely no sense!
Join Date: Aug 2007 Location: Zerg
Posts: 959
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| Qualifications for Student Loans
My friends wondering how he can get the most from his student loans. He has about $5000-8000 currently in his bank account and wants to keep it liquid for other investment purposes. He doesn't want to use his money at this moment to pay for courses, what should he do? Will it be a problem that he has that amount of money in his savings account for student loans?
Hes scared that if he puts that he has $5000-8000 and lives at home, than maybe Financial Aid won't help him out. He doesn't mind borrowing it and paying it off after graduation, since interest rate is quite low right?
He asked me if he should take most of his money out and put it in his moms account until he gets approved for student loans? I told him, they might be able to check and wonder why he took out $6000-7000/8000 for no reason.
Your thoughts guys?
Thx
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06-22-2012, 09:43 PM
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#2 | | Wanna have a threesome?
Join Date: Oct 2010 Location: Squamish
Posts: 4,889
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I don't think your friend should commit fraud.
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06-22-2012, 10:01 PM
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#3 | | How I Mod your mother
Join Date: Jul 2004 Location: Crayon Box
Posts: 13,688
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Yeah he'll get audited for sure
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06-22-2012, 10:07 PM
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#4 | | RS.net, where our google ads make absolutely no sense!
Join Date: Aug 2007 Location: Zerg
Posts: 959
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| Quote:
Originally Posted by MindBomber  I don't think your friend should commit fraud. | I don't really think hes committing fraud. It's not like hes trying to take the money and run or do anything malicious. He's not wealthy at all(maybe his parents own million dollar companies but doubt it..) and would need to borrow student loans for his studies. He told me that his grandpa/grandma both gave him a big chunk of it for finishing high school and getting accepted into UBC.
He probably thinks his money can be put to better use and yielding a higher gain than the interest rate for student loans.
Last edited by JulyZerg; 06-22-2012 at 10:23 PM.
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06-22-2012, 10:30 PM
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#5 | | Treasure Chest MOD
Join Date: Nov 2009 Location: Vancouver
Posts: 2,951
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I'm not quite sure how it works, but I've had many friends apply for a student loan and had gotten it despite being very well-off and have a part-time job and such. One guy used it to buy a car 
__________________ BNWT Arcteryx Beta SL Hybrid Jacket Size Medium There are no principles, there are only events. There is no good and bad, there are only circumstances. The superior espouses events and circumstances in order to guide them. | |
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06-22-2012, 10:54 PM
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#6 | | RS controls my life!
Join Date: Mar 2012
Posts: 768
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Audits are random and it is very unlikely your friend will be chosen for audit. That said, I should mention I was chosen for an audit in my 2nd year lol.
How much will his tuition be? Will he be living at home or on his own?
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06-22-2012, 11:12 PM
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#7 | | I Will not Admit my Addiction to RS
Join Date: Mar 2011 Location: BC
Posts: 531
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I know many people that do this. They have had no problems.
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06-23-2012, 03:13 AM
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#8 | | PRINCESS
Join Date: Jul 2011 Location: Mushroom Castle
Posts: 1,521
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My friend took out about 5g and left $500 in his bank and applied. No problem.
And this is just a story I heard but.. one of my friends told me that her friend lied that he was living by himself (he used his friend's address) to get extra money as well.
I highly don't suggest it (especially because like I said it's just a story I heard from a friend of mine)
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06-23-2012, 06:18 AM
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#9 | | My homepage has been set to RS
Join Date: Jan 2012 Location: vancouver
Posts: 2,447
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I am interested in this topic as well. Please tell me more.
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06-24-2012, 02:00 PM
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#10 | | RS.net, where our google ads make absolutely no sense!
Join Date: Aug 2007 Location: Zerg
Posts: 959
Thanked 32 Times in 10 Posts
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Anyone know?
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07-02-2012, 12:56 AM
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#11 | | Why'd you do that for?
Join Date: Sep 2007 Location: Vancouver
Posts: 1,399
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just take it out of the bank...put it under parents or relatives bank account. simple
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