How to Get a Living Expense Student Loan
After you have enough financial aid money to cover your tuition, school fees and books, you may be wondering what to do about your living expenses. College living expenses vary greatly depending on several factors, such as living at home, on the dorm or in an apartment, participating in a meal plan and transportation costs. Federal and private student loans may be used for living expenses unless otherwise specified in the financial aid terms.
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Instructions
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Fill out a Free Application for Federal Student Aid if you have not already done so. The federal student loan program, called Direct Stafford Loans, may cover your living expenses. These federal student loans are distributed directly to you, not your school, so you can pay for rent, groceries, utilities and car payments if needed.
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Ask your parents to apply for a federal PLUS loan if you are still considered a dependent. The PLUS loan program requires the parent to fill out a Direct PLUS Loan Application along with a Master Promissory Note. Graduate students may also apply for a PLUS loan, as Stafford loans are unavailable after the undergraduate years.
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Apply for private student loans. Private student loans are unsecured loans offered through commercial banks and lenders. These student loans are closer to personal loan products, as you need to pass a credit check in order to qualify for them.
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