using student loan money for house down payment

using student loan money for house down payment

i have good credit (last i checked my score was 740), decent income (35K/ year), but no substantial savings. i hate paying rent and would like to buy a house so that at least that money isn't just going to someone else. i'm in grad school and am eligible for a few thousand dollars extra in student loans than what my tuition actually costs. i had this thought the other day... what if i took out an extra 5 thousand or so dollars in student loans, put it in savings, and then used it as a down payment on a house in a year or 2. has anyone ever heard of someone doing this? is it a crazy idea?
  • ajit

    yes ofcourse….crazy idea…
    working must be ligal….
    check further..

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