Can Student Loans Be Used For Personal Expenses

Student loans are meant for qualified educational expenses such as tuition and living costs.

Can student loans be used for personal expenses. Yes it is possible to use student loans for living expenses in college under certain circumstances. Loan funds can be used to pay for living expenses whether you re staying in the dorms or renting. Student loans can help you cover a lot of your costs in college but not every expense will qualify.

When paid off in a timely manner and used appropriately personal loans for college students for living expenses can be a blessing rather than a burden. Istock if you re not flush with savings or you ve maxed out your federal financial aid you. 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 living expenses.

You need to understand that educational costs do not include tuition fees alone. But in some cases you can use student loans for housing and living expenses. Housing and housing supplies.

By ryan lane contributor april 18 2018 at 10 00 a m. As opposed to the common belief that student loans are intended exclusively for educational purposes you can use them for personal use as well. There are additional expenses directly related to pursuing your education in a college or university.

Check your student loan rates view our top rated lenders and find the best rates today. You can also use student loans for living expenses. Student loans are intended to pay for college but education costs include more than tuition.

You can use student loan money to pay for living expenses but it comes with a significant catch it adds to your balance thus increasing your indebtedness once it is time to make payments. You re limited to borrowing the school s cost of. When you take out government student loans you agree that you ll only use the money you borrow to pay for expenses that are included in the school s cost of attendance.