Private College Student Loan

Can I use a federal or private student loan to cover my living expenses?

Can I use my private student loan to pay for my apartment's rent/utilities/and my other personal living expenses? My parents have agreed to pay for all of my college expenses, but they said I will have to find a way to pay for my apartment and living expenses. Is this doable? If so, do federal student loans and/or private student loans cover these costs? By the way...the apartment is not affiliated with the university...so the apartment doesn't count as "room & board" does it? Please help me!

Public Comments

1. Your loans are for that reason; just because where you stay is not affiliated with your school paying for your apt and living expenses is "room and board". Those loans are not just for the cost of tuition they can be for supplies like computers, laptops, or anything you need it for, just take heed when you borrow it is you responsibility to pay the amount you borrow back plus interest.
2. Yes you can use it to cover rent etc while going to school. But sure to check out grants and scholarships first as you may not need to pay them back.
3. If you have any money left over after your tuition and books are paid (or if they are already paid) yes, your school will give the money to you (usually a few weeks after school has started) to do with as you wish. Room and board is just a generic term and yes, it can be used to supplement your rent and utilities and such. Try to ignore all the spam. Every time someone asks a question about a loan, they explode with horrible companies wanting you to borrow from them at high interest rates.