To anyone asking if he/she can get a student loan for housing and living expenses, worry no more! Not only can you use student loans to pay for rent, but we have also penned down how you can apply for a student loan as a college and graduate student.
It is no longer news that tuition has become very expensive. In addition to paying the fees, books, and all other utilities, we also face the saddening expenses of housing and rent.
To ease students of this burden, we have brought to you student loans you can apply for. Below are the topics up for discussion. Stay with us.
Can you take out a student loan for living expenses?
Contrary to the popular belief that student loans are exclusively for educational purposes like tuition, books, you can as well use it for personal purposes.
One of the things students need to realize is that educational funds are not limited to tuition. There are other expenses directly involved in the pursuit of your education and those are also included.
All those expenses incurred in the pursuit of your education are all to be included in the student loan.
Student loan is to cover all cost of attendance.
So, yes, you can take a student loan for living expenses!
Does student loans cover living expenses?
Yes, students loans cover living expenses and rent!
Originally, student loans were given to cover college tuition. But times have changed and student loans can be used for personal things outside direct education costs.
One of the most acceptable areas is housing and living expenses.
According to many schools we came across in the cause of our research, a typical student loan can be used for;
It is very important to read also: How to qualify for student loans in 2024: 10 Key Steps
How do I get student loans for living expenses?
Here is how you can typically get funds if you took a student loan for living expenses;
How much student loans can I borrow for living expenses?
Generally, every school has a loan limit. So, you can borrow up to your school’s cost of attendance.
However, if the cost of attendance does not cover your additional costs which the living expenses are part of, you can let your school know and they might adjust your COA which will qualify you for additional funds.
But, you need to know that the additional funds is usually for a disability or child care.
If you are going for a federal or private loan, they have a limit on how much you can borrow. This is determined by them.
So, the limit to which you can borrow is determined by your school’s COA.
How to Use Student loans for living expenses off-campus
It is relatively easy to use student loans for off-campus housing. Just be sure you are spending the loan on things that are acceptable by your school and necessary.
You should start by;
Can I get Graduate student loans for living expenses?
Yes, you can apply for students loan to foot your graduate school living expenses just like we have said above.
The limit is usually within your COA as will be listed within your award letter.
Here are a few things to consider when taking a graduate student loan for living;
Because loans are not for free, you need to repay them, minimize the amount you borrow. You need to figure out how to repay them. Pending when you will get a job, make sure the monthly gross you will have to repay is not more than 10%.
But, if we are to advise, use savings, apply for scholarships, grants, and financial aid to pay for your school expenses. Only when they are not will you consider applying for loans in your field of study.
How to pay for living expenses while in college?
To pay for your college living expenses while in college,
Then, to eliminate housing expenses completely, attend an online school. That way, you get to study from home.
Conclusion
How you manage your living expenses during college and graduate school will make a big difference in how much student debt you need to repay after school. Learn how to minimize how much you need to borrow to cover your living costs.
Take a student loan to pay for rent if you must but be wise about it.
Student Loan FAQs
Yes, it is possible to get student loans for living expenses under certain circumstances. When you sign your master promissory note for student loans, you are able to borrow based on the cost of attendance of the school, which includes many things including living expenses.
The short answer is yes. You can use it for anything you wish.
No, students loans are repayable when you graduate. The total amount will be calculated and you will repay it with an interest.
You can use FASFA, Federal and private loans, grants and scholarships to pay for your college expenses.
The limit is your cost of attendance and it is stated by the school or loan office. However, it can be incresed if you apply for a disability or child care.
Are you a medical student? This is for you. How to get Student loan for Medical School
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