Can You Use Student Loans For Personal Expenses

Only 10 use student loan funds just for tuition. You can do this easily with credible you can compare your rates from our partner lenders in the table below in two minutes. Spending on nonessentials is a financially risky move.

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Can you use student loans for personal expenses. When you take out a student loan it s understood you are to use the loan money for tuition and fees along with room and board. A denver couple were sentenced to prison after they were accused of using 27 different identities to take out hundreds of thousands of dollars in student loans they used for personal expenses. Fortunately both federal and private student loans can be used for things other than tuition and fees like on or off campus room and board personal supplies groceries and more. Many college students need help paying for housing and living expenses.

But you can only borrow up to the school s cost of attendance. You might be tempted by your peers to spend your student loan money on some of these expenses. You can use student loans for living expenses because they are considered college costs. If you decide to use a private student loan to cover your expenses be sure to consider as many lenders as possible to find the right loan for you.

If you ve received a refund after paying for tuition and fees and are wondering what can student loans be used for here are some things to keep in mind. A student loan hero survey found that 20 of students use their student loan funds for travel and 26 use them for clothes.