you can use anything you want to buy a car. Its you that will have to pay back the loan after you graduate anyways. The loan is meant to help you out with school, so if you run out, dont ask for more, cause they might not give it to you, or if they do, thats just more you have to pay back (and % is pretty rough) esp if you dont have a job. Grace period only lasts for so long after you graduate.
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