You can also use student loans for living expenses.
You’re limited to borrowing the school’s cost of attendance — that’s tuition and fees, books and supplies, room and board, transportation, and personal expenses —minus any aid you receive.
Can you use student loan for books?
Student loans can be used to buy textbooks, a computer, and other required supplies and equipment for classes. To help stretch your student loan dollars, it’s best to look for used books and refurbished electronics to keep costs down.
Can I use financial aid to pay for books?
Students can use their financial aid funds to pay for their textbooks, but their books are not automatically paid for out of their financial aid. A student can choose to save funds from their financial aid refund to help cover the cost of their books. The book loan form is located on the Forms page.
Can I use student loans to pay bills?
The short answer is yes. The U.S. Department of Education lets you use your student loans for housing and living expenses while you’re in school. Private student loan lenders typically impose similar requirements, as well. But it’s OK to use your loans to pay for more than just your college tuition.
Can I use my student loan to buy a car?
Car loans tend to have lower interest rates than student loans, and the loan terms are much shorter. It’s a really bad financial strategy to use student loans to buy a car. And technically, you aren’t even allowed to use federal student loans for car purchases — although if you did, you probably wouldn’t get caught.