Hi all,
I have a question that essentially boils down to what student loans may be used for.
I am in the 4th year of my program, which has been and will continue to be funded through an external fellowship, so I do not need loans to cover my tuition or personal living expenses.
Recently, my mother's health has started to deteriorate, and she is not in a financial position to cover many of the expenses that are coming up as a result. When this started within the last year or so, I had hoped that I could finish school, and then help her to cover her expenses once I had a job. However, it's rapidly getting to the point where she needs money now, and not later, to get various procedures done.
Anyhow, with access to student loans, I realize I could get her that money now by taking out a loan myself and passing it on to her. I'm ok with this personally, as this is just money I would give to her later. In fact, this could be cheaper in the long run if getting care now could reduce the amount of care to come in the future.
And now the main question that I have: I've never dealt with student loans before. I have heard that loans can be used for "whatever you want", and also that they have to be used for education and personal expenses, and that audits may occur. Would caring for a sick family member qualify as a personal expense? Do audits about the use of student loans actually occur?
I'd appreciate advice from anyone who's used loans at the graduate level, or perhaps has found themselves in a similar situation to my own.