Yes, you can take out student loans for living expenses and other housing needs. … Student loans — both federal and private — can be used to cover more than just your tuition. They can also cover living expenses, such as housing, groceries, toiletries, and more.
Can I use student loans to pay for housing?
Student loans can be used to pay for room and board, which includes both on- and off-campus housing. So the short answer is yes, students can use money from their loans to pay monthly rent for apartments and other forms of residence away from campus.
Does federal student cover housing?
Yes. If you receive financial aid, you can use it to help pay for off-campus housing. The Free Application for Federal Student Aid (FAFSA) says that you can use these dollars to pay for the cost of attending an institution of higher education, which includes room and board, including off-campus housing.
How do I use fafsa money to rent?
You can use student loans to pay for the cost of the apartment and housing expenses, up to the allowance specified by the college. There are no restrictions on where the apartment is located, and the apartment does not need to be near the college campus.
Do federal student loans cover room and board?
Federal student aid from ED covers such expenses as tuition and fees, room and board, books and supplies, and transportation. Aid can also help pay for other related expenses, such as a computer and dependent care.
Do student loans count as income for apartment?
Although students may use the proceeds from their student loans to pay for their apartment rent, it does not qualify as income on a rental application. … If you don’t have any verifiable income other than your student loan, you’ll likely need to get a parent to co-sign your apartment rental application.
Can I spend my student loan on anything?
You can also use student loans for living expenses. You’re limited to borrowing the school’s cost of attendance — that’s tuition and fees, books and supplies, room and board, transportation, and personal expenses —minus any aid you receive.
How can college students afford an apartment?
Steps to afford an apartment in college
- Do your research. …
- Budget. …
- Consider living in a private home rather than an apartment complex. …
- Consider living with roommates. …
- Get a paying job. …
- Try to save as much as you can. …
- Consider applying for student loans. …
- Paying for housing with a 529 plan.
Can I use my student loan to buy a car?
You can use student loans to pay for a college’s cost of attendance, and the cost of attendance includes transportation, so can you use student loans to buy a car? You cannot use student loans to buy a car.
Can I use student loans for a laptop?
Yes, you can in fact use student loans to pay for a computer. You can use student loans to pay for a new computer since it is a pretty essential tool for college. You can also use your student loans to purchase software and internet access as well. … Any amount you borrow, you will need to pay back, plus interest.