Can Student Loans Cover Off-Campus Housing?

Yes, you can use your student loans for anything you want related to college. Grants have to be used for tuition or for books, but loans can be used for anything. I used mine to pay off credit cards that I had used to pay for school for previous years.

I have been told many times that whatever is left over from a grant and/or a loan after it has been applied to your tuition is yours to spend as your desire. They have no way of knowing what you spend it on.

Student loans are to be used for cost of attendance, which can include off-campus housing and living expenses. However, your financial aid office at your school is the ultimate arbiter of what is legit, although most would agree that off-campus housing is on the up and up.

Now, I have heard of many not so legit things that student loan money gets used for. Sure, they cut you a check for the extra excess money and how can they really know? But be warned, that if they find out that you are doing something illegal with loan funds, you might find yourself with your loans “decertified” and unable to get more.

There are loans that are called “Direct Student Loans” These student loans can be found in almost all kinds of the media. Today there are plenty of these types of direct student loans, for school tuition, off- campus living, even direct student loans to buy your first car. Such is the host of many options that are more than willing to take your money. Remember that choosing one of these types of loans becomes a difficult task and necessary to research and to read and reread all of the fine print.

Student loans can be used for things such as an apartment, (off-campus), transportation needs, food, books, supplies, etc. if it is necessary to complete your education. Remember, your student loans are yours and they are also yours to be repaid. No matter what you choose to use them for they will not go away until they are repaid in full by you. They are loaned to you for your educational needs and can be around for a very long time if you do not use the loan or loans wisely.

Some students are going to school while raising children only on their student loans. However, on the opposite end they can be squandered and bring many regrets and sorrows, along with a lifetime of bad credit.

A friend of mine had taken out three loans for school and made small payments here and there when he could, often times forgetting about them altogether. He then started to receive many letters requesting payment, which he also ignored. Finally, to his surprise his entire check was garnished. He had not been attending college for the past six and had another two years to go before he completed his college education.