Can I Get Student Loans For Living Expenses & Housing In 2022?


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.

RELATED:  What Is A Direct Stafford Loan? Benefits And Privileges

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;

  • Tuition fees
  • Room and board
  • Books
  • Housing, utilities, and supplies
  • Laptop and equipment for college use
  • Transportation

It is very important to read also: How to qualify for student loans in 2022: 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;

  • Fill out a student loan application and get approved.
  • The loan money is sent directly to your school.
  • The financial aids office of your school will apply the loan to your tuition, fees, and other school direct expenses.
  • If there is any amount remaining, the financial aid office will ask if you want to keep the money or send it back to the lender.
  • You tell them you will like part or all of the remaining funds. This is otherwise called a student loan refund.
  • The financial aid will send the refund to the bursar’s office.
  • You go to the bursar’s office to pick the refund cheque and deposit it into your bank account.
  • After the deposit, you can then use it for paying for your rent and 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.

RELATED:  Latest Trump Student Loan Forgiveness Proposals and Changes

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;

  • Depositing student refund loan cheque to your bank account: Once you receive the cheque, make sure to deposit it into your bank.
  • Pay Rent and Housing Expenses as you normally do.
  • Monitor your Balance: Since you won’t get another student loan refund till the next semester, ensure the funds will be enough for your rent till the next semester.
  • Avoid Unnecessary Expenses: Be sure to reserve your money for only necessary things, bearing in mind that you will repay all the loans with an interest.

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

How do I get a student loan for living expenses?


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.

Do student loans give you money to live on?


The short answer is yes. You can use it for anything you wish.

Are student loans free?

No, students loans are repayable when you graduate. The total amount will be calculated and you will repay it with an interest.

Asides students loan, which other loan can i use in College?

You can use FASFA, Federal and private loans, grants and scholarships to pay for your college expenses.

How much is the limit i can borrow?

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

References

Recommendation

You May Also Like