I've grown interest in the personal loan market in the past few weeks, and I noticed that a lot of lenders do not lend to applicants whose purpose is to finance the tuition for post-secondary education.
My question is, what if the applicant is paying all of the tuition by him/herself, by doing so s/he may have less than needed for living expenses, hence s/he needs to apply for a loan.
In other words, the loan is NOT for tuition (not a penny), but for the financial deficit caused by paying tuition out of one's own pockets. Does that justify the purpose?
Thank you all for your quick answers, but it seems that your answers are based on the fact that this person is currently unemployed and may potentially not be making a decent salary. With that being said, how would you look at this case differently if this applicant is:
Having a full-time job making 70k or above
Pursuing a a Master's degree, MBA, or PhD, etc.