Student Loans for Living Expenses

College students may require more than just money for their tuition and supplies. A student may need to also pay for living expenses which include but may not be limited to housing, food and transportation. It can be possible to use student loans for living expenses, depending on the type of loan and what it specifies. Most students find it very difficult to attend school, work and make enough to pay for their living expenses. In quite a few states, the amount of financial aid permitted does include the cost of living.

Usually when a student loan is used for living expenses and tuition, the funds are given to the school. They will take out the cost of tuition, then the student will get a check for the remainder. This is the money that should be used for living costs such as rent, gas for a vehicle, food and other expenses that are necessary for survival. So, it is very possible that you can borrow enough to cover both tuition and your living costs.

It is important to understand that all loans taken out must be repaid in the future. With federal student aid, you cannot include it on a bankruptcy filing. You should understand how much the loan repayment is going to be and make sure you can meet the obligations as required. Once a student spends a certain amount of time at school he or she should have an idea of living costs. A student may want to try and supplement their income with part time work so they do not have to borrow as much money.

Not all loans can be used for living expenses, some are for tuition only. This should be clearly specified, and if the loan is not used as it is supposed to be it can be taken away by the lender in some cases. Parents may be able to get private loans for their children to help pay for student living expenses as well. Private loans are hard for students to get because they usually do not meet the credit or income requirements. Sometimes a lender will give a private loan to a student if their parents co-sign and do meet the credit and income requirements. If you are interested in learning more about student loans for living expenses, speak to a financial aid officer at your school. They can tell you the options that are available.