can i get a student loan and pay it back with my financial aid refund?

I need some extra cash for insurance and physicals for my cna classes i need to take and i already know I'm getting a refund from financial aid but it wont be until march or April can i take out a small student loan from citi bank and pay it back when i receive my check? I know its a minimum of $1000 and ill have to pay outta my pocket which isnt a problem i just wanna know if i might have a chance of doing so

Update:

Kyle I HAVE A JOB!! its part time and i don't get benefits! i also pay rent and other bills so if that was the case i would have insurance already!

Update 2:

Thanks everyone else

3 Answers

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  • 9 years ago
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    You can pay back a loan with a financial aid refund. A financial aid refund is to be used for anything worthwhile, and what could be better tha paying off a student loan

    Source(s): 11 years tax prep expirence
  • 9 years ago

    You can pay back ur loan with any money u have. savings, ur mom, bank robbery, dirty money (j/k of course). They don't care how they get it or when.

    My question is, why would u? for example (these r random numbers) Let's say ur finaid refund (less tuition, books, room and board etc.) is $15,000. And you take out a $1,000 loan. You pay back that $1,000 using ur finaid refund, u still have the $1,500 u started with. Now if u r wanting to build/establish credit, this is not the way to do it. the longer something stays on ur credit report in good standing the better it looks for u. The best way to help credit (is thats what ur wanting idk) is to save ur finaid refund, and when u get the bill, do not pay minimum due, but pay what u actually owe that month. (there r usually 3 amounts on each bill. total amount of bill with interest accrued to date, your minimum ballance (this is what is required to keep u from defaulting<<<this is very very bad!!!) and then another amount slightly higher than the minimum. thats the one u wanna pay each month to keep u in good standing and boost/create ur credit score.

    now if ur not asking about how this would effect credit, then i really don't see the point. u will have the same amount regardless of the source.

    hope i helped :)

    Source(s): been through this...college student....still go through this
  • 9 years ago

    Yeah, a small loan like that they might try to convince you to get a credit card.

  • 9 years ago

    Of course you can... that's very smart

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