My question involves collection proceedings in the State of: California
I qualified for 10,000 dollars in Federal Loan money. I have passed the credit requirements for the full amount, but the college I attend will only give out 3500 of that loan until you reach a higher number of credits. I was two credits short of that requirement and was only supposed to get the 3500. However, there was a mistake and the full 10,000 was disbursed. It went straight onto my salliemae debit card. Can I spend the extra money and pay it back when I pay back the rest of my student loans? Can they take it out of my account? I really do need the extra money and if I can, I would like to spend it.

