Can I apply for a college loan to pay for my rent?
Tuesday, July 7th, 2009 at
10:25 am
Gregory asked:
I would like any info from anyone who has applied for a student loan in order to finance an apartment. Is this possible? I am considered as an ‘In State’ ‘Off Campus’ student . Names of lenders or organizations would be appreciated. Thanks!
I would like any info from anyone who has applied for a student loan in order to finance an apartment. Is this possible? I am considered as an ‘In State’ ‘Off Campus’ student . Names of lenders or organizations would be appreciated. Thanks!
Tagged with: College Loan • Finance • Lenders
Filed under: Student Loans
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no usually to get the loan you need to submit your schools information so that the loaner makes sure the money is going towards school.
That I know of you can’t take out a federal loan to finance living. the loans are paid straight to the finance department of school and credited to your account. however, scholarships and grants are a different story. YOU get a check and you can spend it however you want. start applying…
I supplement my federal student aid with a Tuition Answer loan from Sallie Mae. It is a credit based load where you can borrow up to the cost of attendance. The interest rate is higher, but if your other loans are through Sallie Mae they offer package payment plans. I use this $$ to pay rent, gas money to get me to school (45 minute drive) and other expenses.
Here’s the link:
Students may apply for loans to cover living expenses (including rent). The financial aid office at the college or university you are attending can give you a list of recommended lenders.
You can also find information on loans, lenders and financial aid at , and similar websites.
Be sure to analyze how much you really need and avoid the temptation to borrow more than that amount. The smaller your college loan debt the better.
You can use money obtained from a student loan for any purpose that will assist you in going to College/University. Repairing your car, paying your rent, buying your books… whatever. Just remember how hard those darn loans are to pay off when you do graduate or drop out. You have to pay off the interest FIRST then you get to pay on the principle. The problem with this is the principle is continually drawing interest. So unless you can make your regular payment on the interest, then make a payment toward the principle you will NEVER get it paid off. OKOKOK You will get it paid off but it will take you forever. GOOD LUCK!!!!!!!!
Private student loans can be used for anything you want. Obviously it is not the best idea to use them for just anything, but if you need extra money for rent, books, computer, or other things, then it is a good idea. I would definately suggest checking out and check out their products. The check is sent directly to you and can be used however you wish. Good Luck.