Buying a Computer with Student Loan Money

Going to college is something that most people are going to see as a large privilege and an opportunity to take advantage of. Not only will you learn valuable information in college, but you will also form social relationships that may last throughout your life. Your college years may be some of the best of your life. However, college is also very expensive, and people who decide to attend should be prepared to pay the high price of tuition, books, housing and other expenses. While some will be able to get scholarships and grants, others may have to open loans or apply for jobs online to afford college and some of the necessary expenses.

When you open a loan, you may be curious about what you can use the money for, and whether or not you can purchase a computer with that money. The answer to this question is going to depend on the kind of loan that you have opened and the amount of money that you need. The following are a few tips that can help you determine whether or not you can use your loan money to purchase a computer.

Calculating College Expenses

First, you will want to look at the expenses that you HAVE to make as a student. Tuition, books, housing, food, etc. These are all expenses that you need to make and should be the primary use for your loan money. Do some calculation and determine how much money you are going to need each month to pay for these things. If you are just barely going to be scraping by, you may want to avoid spending loan money on a computer and using public computers instead. However, to some students in certain programs, a computer is going to be a necessity, and these students may want to use their loan money for a computer.

When a school assigns you a loan, they are typically going to come up with your overall cost of attendance, and that will be the amount that they award. If your school puts the cost of a computer into their calculations, then you should have little problem affording a computer with your loan money. If you do decide to purchase a computer with loan money, be sure to shop around and look for the best prices. Many schools will have a store that sells these kinds of products to students and will give them a discount on their purchase.

Speaking With a Counselor

If you decide to use loan money to purchase a computer, you may want to speak with a loan counselor first to make sure that you are making the right decision. Your counselor will have all of the information for your loan, and will be able to help you determine if purchasing a computer is a wise financial decision. Also, some educational savings accounts and other types of financial aid are going to restrictions when it comes to how the money can be spent, and your counselor will help you to understand if any of those kinds of restrictions are in place for your loan money.

Buying a computer with student loan money is a decision that you will want to make only after you have done the proper amount of research. Calculate your college costs and make sure that you are going to have enough money to afford your computer and other necessities. Speak with professionals if you need help making your decision, and make sure that you get the lowest possible price on your machine.