How to Get a Student Loan to Pay For Off-Campus Housing

Just because the rent for your apartment doesn't show up on the bill from your university doesn't mean it's not a school expense. Off-campus housing can be paid for with financial aid. Here’s how to get a student loan to pay for off-campus housing.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• utility bills
• rental contract
• checkbook

1. Get a copy of your rent contract and your utility bills and any other school related expenses not included on your university bill.

2. Visit the financial aid office to talk about your situation and verify your documents.

3. Generally, you'll want to meet with a fulltime staff member rather than a student. Try to get an appointment with the cashier or counselor.

4. If you demonstrate suitable need, you can get your financial aid package altered.

5. You may need to provide the cashier's office or the financial aid office (whichever handles your bills) with a bank account number. Most universities work with direct deposit, as it is much faster and there is less paperwork. Bring in your checkbook--the routing number and your account number are written at the bottom of each check.

6. If your school sets up a direct deposit transfer, notify your bank that you will be receiving money from your school.

7. Consider applying for a loan at a private lender. While federal grants must be used on tuition and books, other lenders generally don't care what you spend the money on as long as you pay it back.

Tips & Warnings

• After your tuition is paid off, your school will probably write you a check for what's left over from your financial aid. This is yours to spend on whatever you wish (off-campus housing, for example).
• Generally, financial aid offices estimate room and board costs regardless of where a student lives. So if you need more money, it's usually just a matter of extending your loan in general.
• If you decide to live somewhere significantly more expensive than the average student housing, you may find yourself having to pay the difference. Most institutions have a calculated average of how much a student needs for housing.