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Cost Of Living Student Loans

Lewis Said:

Can student loans be used to cover cost of apartment rent/utilities/personal living expenses? Or...

We Answered:

Since you have no credit it's unlikely you will be able to get a loan on your own. If your parents are willing to co-sign for a private student loan, that money will be sent to you and them directly and you can use that for living expenses.

Private student loans, like federal loans offer an option to defer payments until after you leave school. However they have a higher interest rate than a federal student loan. As such you should borrow smart with them. Only take out the absolute minimum you need. Shop the lenders for the best rate and fees at sites like http://www.studentloanconsultants.com and check each of the lenders website for specific information about re-payment and discounts that may be available.

I'd approach your parents and ask if they'd be willing to pay for the living expenses and let you pay for the tuition. Then you could apply for federal student loans after completing your fafsa. If you get a federal student loan you wouldn't need them to co-sign although you'd need to show their income if you are still a dependent under the federal guidelines.

Nancy Said:

Will a Stafford Loan or other student loans help subsidize the cost of my rent / living expenses?

We Answered:

I believe most loans will give extra money for living costs. The best way to get money this way is to live on campus then your living costs are guaranteed to be covered. However if you don't live on campus you may need to apply for a private student loan with a private institution to cover extra costs.

Cathy Said:

Any advice on getting a cost of living student loan with bad credit?

We Answered:

Maybe ask your grandparents to cosign - they obviously are good at handling money. Or consider taking a semester off to work full time and use those earnings instead of a loan. Alternately, you could change your schedule so you only have to be on campus a couple of days a week, and then just rent a room from someone at less cost than an apartment.

Tim Said:

I will be a graduate student this year. How liberal can I use my loans for Cost of Living?

We Answered:

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Allan Said:

Is it wise to take out private student loans for cost of living?

We Answered:

Federal loans have limits on them for a reason... to protect you. If you borrow more than what you are allowed in federal loans, you are paying (or needing) too much money.

So..... Private loans for ANY reason are a bad idea. You will be paying those "Living Expenses" off for 10 to 25 years at a variable rate interest. Variable means the payments will always go UP! one month your student loan payment will be 300 dollars a month and the next month it could be 500 a month! You will also be required to have a credit worthy cosigner (outstanding credit, high income with a stable employment history). Without that you will never be approved for a private student loan.

college students are suppose to be poor... rather than borrow, find a roommate, or two, or three or four!! Ditch the cell phone, the computer, the car.... food, clothing, shelter, that is all a college student really needs.

(Worked 32 hours a week while taking 15 hours a semester.)

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