Using Student Loans to Pay for Housing

When you are considering the many expenses of college, from student loans and taxes to monthly dining bills, one of the larger items to consider is finding affordable housing. Ensuring that you have a good place to live while you study is important, but you must also find somewhere that is affordable within your budget. Whether you are living in a dormitory on campus or in rental property elsewhere, student loans often can be used to help pay part or all of this expense. In doing so, you should remember that the money you are borrowing will eventually need to be paid back to your loan provider.

Housing Choices

As you decide where you want to live while in school, consider the pros and cons of your options. Many universities provide a range of dormitories on site at the campus, sometimes mandating that students in certain years reside in them, and these can possess certain incentives for you. Whether or not dorms are an option, you will also likely find a range of houses and apartments near your college that rent to students who are looking for a little more distance and independence.

Dormitories provide the traditional experience of residing with fellow students on location along with several advantages. Dorms are often located closer to academic buildings than non-campus residences, making getting to class easier in many cases. Most schools will also employ various housekeeping and maintenance people who help to keep any hallways and community bathroom facilities clean for your use. If you are seeking to be a part of the more classic college living experience, dorm life can often be the right choice for you.

In recent years, the amount of housing provided to students by third party renters has been on the rise in many places. Whether an apartment or a house, living in an off-campus location while receiving an education can be a preferred option for you. By living with only a couple other fellow students, these locations can afford you more privacy than a dorm hall of dozens would. This living arrangement also removes the rules and regulations of a school's living space to be replaced by whatever is agreed upon with a renter, which could prove to be better suited for you. Although numerous colleges have regulations on this, particularly for underclassmen, if may be worth considering this possibility for your living needs.

Can Loans Provide for Housing?

In most cases, you are able to use your student loan money for the purpose of the needed expense of housing. How this is done depends upon where you are living. In the case of on-campus housing, the process is made simple as the price of room and board is typically figured into the overall amount that you will owe to the school. Off-campus housing can also be covered by loan money, but the process often is not quite as straightforward. A typical way in which this is achieved is by providing sufficient documentation of rental cost to your school's financial aid office, allowing them to certify this total. Not every school will go about this in the same way, and you should speak with one of their financial aid department employees to find out the official procedures.

Housing costs are one of the key expenses that come from higher education. Students often have a choice in their living space between dormitory space provided by a college and locations in the surrounding community. Using student loans to pay for housing is permitted in most circumstances, and the process will vary slightly based upon your school. Loan money can provide you living space wherever you ultimately choose to live.