Student Loans For Living Expenses Off Campus – Written by: Meghan Hunt Written by: Meghan Hunt Arrow Right Contributor, Personal Finance Meghan Hunt is a multidisciplinary researcher, writer and editor with a passion for personal finance. After ten years in public libraries, she now freelances writing, editing and researching full-time. LinkedIn Connect with Meghan Hunt via LinkedIn email. Contact Megan Hunt by email
Edited by Aylea Wilkins Aylea WilkinsArrow West Editor, Student Loans Aylea Wilkins is an editor specializing in student loans. He previously worked in personal and mortgage lending, as well as auto, home and life insurance. He has been editing professionally in various fields for nearly 10 years and focuses on helping people make confident financial and purchasing decisions through clear and unbiased information. Connect with Aylea Wilkins on LinkedIn
Student Loans For Living Expenses Off Campus
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How To Use Student Loans For Living Expenses
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Whether you’re living at home, in off-campus housing, or in a dorm, you may need to borrow money to cover living expenses while you’re in school. Most people turn to student loans because of the high cost of college tuition, but loans aren’t the only thing that can help.
In addition to tuition, fees, and textbooks, many student loans cover the cost of room and board for students on and off campus. Here’s a brief introduction to how to use student loans for living expenses.
If you live on campus, your student loan can help cover living expenses up to your cost of attendance (COA). You can use this money to pay for on-campus living expenses, including:
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After your college or university accepts your student loan balance, the outstanding balance will be returned to you immediately. This money can then be used for anything related to the cost of attending school, including the aforementioned expenses. You can spend this money on textbooks, school supplies, computer equipment and other necessary purchases.
There’s some flexibility in what you can use the money for, but remember that you’re borrowing money and you’ll be charged interest. Use your budget to keep your spending under control and use your credit for needs, not wants.
A college’s cost of attendance (COA) is the cumulative cost of attending school, usually calculated by quarter or academic year. This estimate includes tuition, fees, room and board, and is adjusted for the cost of living at your school location. Your school’s COA determines the maximum amount of student loans you can borrow.
Although your student aid agency and lenders don’t monitor where you spend your loans, they can face consequences if they find you’ve used your loans for unnecessary purchases. Essential purchases include:
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Misusing your credit can result in the lender canceling your current loan, denying you future loans, or requiring you to pay off the balance in full. Remember, you owe principal and interest. Although it is relatively rare, misuse of student aid can lead to charges of financial aid fraud.
Limiting borrowing and student loan use is also important because there are limits to how much you can borrow. Federal loans and many private lenders have lifetime restrictions. Once you have maxed out your loan amount, you cannot get another loan.
Before spending student loan money on non-essential expenses, remember that it could affect your long-term financial health. After graduation, this amount must be paid back with interest. Even if you’re facing financial hardship and need to file for bankruptcy, it’s rare to get a student loan discharge for this reason.
Your student loan repayments are based on your school’s cost of admission, which varies depending on where you go to college. There are some rules about loan use, but the most important thing is to use your student loan money wisely. If you want to save on living expenses, consider the following tips.
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Although you can use student loans for living expenses, be smart about how you spend your money. Your loan covers many things, but not everything. Don’t spend more than you need because you have to pay back whatever you borrow. You can apply for scholarships and bursaries without any problems to study in school.
Megan Hunt is a personal finance researcher, writer, and editor. After ten years in public libraries, she now freelances writing, editing and researching full-time.
Edited by Aylea Wilkins Aylea WilkinsArrow West Editor, Student Loans Aylea Wilkins is an editor specializing in student loans. He previously worked in personal and mortgage lending, as well as auto, home and life insurance. He has been editing professionally in various fields for nearly 10 years and focuses on helping people make confident financial and purchasing decisions with clear and unbiased information. Connect with Aylea Wilkins on LinkedIn Aylea Wilkins Editor, Student Loans Hanne Bareham Posted by Hanne Bareham Writer, Personal Loans and Debt Relief Hanne Bareham is a personal finance writer before transitioning to credit card reporter in 2020. As a student loan reporter. He is now a writer for the Credit Team, expanding his reach into many forms of consumer credit. Connect with Hanneh Bareham on Twitter
Edited by Ailea Wilkins Ailea Wilkins Edited Bullet Right Editor, Student Loans Ailea Wilkins is an editor specializing in student loans. He previously worked in personal and mortgage lending, as well as auto, home and life insurance. He has been professionally renovating for almost a decade
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