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

Video Transcript

"Hello, I'm Cheri Ashwood. I'm a guidance counselor, and today I'd like to talk with you about how to get a student loan to pay for off-campus housing. You're either a first time in college freshman, and you've decided that you don't want to stay in the dorm, or you're attending college a little later in life, and you're definitely not going to stay in the dorm with a bunch of teenagers. You can obtain a student loan, and student loans are primarily awarded to the school, and you will get what's called a net check. Student loans and any other financial aid disbursements are given to tuition and fees first. Net check happens; it may be a couple of weeks into the school year. This may cause some hardship if you're living in an apartment or housing of some sort that may not be as understanding about that. If you were to obtain a private loan; a student loan just the same is going to be applied towards tuition, but if you were to obtain a private loan from a lending institution that's willing to put the money directly into your hand or your bank account then you would have the money available for off-campus housing. Your best bet may be to have a part time job, or money saved in order to pay for your off-campus housing, or you may just decide to live on campus because it may be more financially sound. I'm Cheri Ashwood. I'm a guidance counselor. I'm very proud of you for deciding to continue your education, and your future starts today."