is this a bad idea? is this legal?

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raiderjake
Posts: 253
Joined: 14 Apr 09
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23 Jun 09 12:33:40 am
so i've been planning on going to the community college to take some business classes. if i was to go, i would be eligible for student grants and loans. which would be around $4000 or more. what would happen if i took a couple grand of that and invested it in product to sell on ebay? now i know that spending that money on anything other than school is basically defrauding the government and i'm not trying to do that, (well i dont mind doing that, going to prison is what im not trying to do.) but if i'm taking business classes than could that be considered part of my schooling, are there classes that i could take where that would be acceptable? or should i avoid this all together and just get a job, LOL. i'm sure some business classes couldn't hurt anyways, just something i've been thinking about and would appreciate any thoughts about it, thanx

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dwmgoods35
Posts: 310
Joined: 19 Feb 09
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23 Jun 09 01:28:07 am
Thats a very interesting idea you thought of lol. To be honest with you those grants and loans will not be handed to you personally, that money goes directly to the school you choose to go to. It is also tracked through the government so none of those things would work for you unfortunately.

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raiderjake
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23 Jun 09 01:37:08 am
i never got a loan b4 but i did get a grant once, what happens is the school gets a cut for tuition and stuff, then the school gives you a check. i got a check for like 3k before. and i'm sure the loan would all go to me b/c i'd have to pay that back

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dwmgoods35
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23 Jun 09 01:42:56 am
That check the school gives you can be used for other purposes although the loan will not go to your personally it goes to the school, unless that loan is only a personal loan and not for school purposes. I know all of this because im a recent graduate and had both grants and student loans. Again the check that the school gives you is basically the left overs but I would suggest you keep that aside to help pay back the loan.

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raiderjake
Posts: 253
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23 Jun 09 01:46:33 am
thanx for your input, its probably a bad idea, though very tempting.

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dwmgoods35
Posts: 310
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23 Jun 09 01:50:18 am
Not a problem at all. It is very tempting and I thought the same when I first started school. I was like wow I can buy a lot of things with what Im getting.

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planes
Posts: 839
Joined: 19 Jul 07
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23 Jun 09 02:16:51 am
I dont know. There seems to be a little bit of leeway. If someone were to do that for the purpose of making money so they could more easily pay for college I dont thing the FBI would be knocking down your door.

They made this law because way back when, some people would sign up for school get whatever money they could get and then never show up for school and get free money. I think doing that now would be a felony.

Heck when I went to school, if I remember correctly I got the check made out to me and then went to pay the school with that. But I may be mistaken.

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