Can I Use a Personal Loan to Pay My Tuition? | Personal Loans and Advice
You may be able to use a personal loan to pay for all or some college-related expenses, but it's likely not your best option. Borrowers can typically use personal loans for any purpose, and some lenders may not ask what the funds will be used for. However, some lenders may refuse to provide a personal loan for education expenses."While you certainly can use personal loans for college expenses, these would not be my first choice," says Joe Orsolini, president of College Aid Planners. "There are far better options, such as federal student loans or private student loans that make a lot more sense for college expenses."Some lenders will not provide a personal loan to cover tuition costs because the 2008 Higher Education Opportunity Act placed several requirements on lenders offering private e...
