If i paid for college with student loans, will i get spending money from the loans?
someone i know told me the other day that i could go to college using student loans without having a job, but when i ask this person how do i get spending for food, personal items, money for gas to get to classes, money for health insurance, etc… how can i pay for all that without a job & this person told me that the government will give me back money for those expenses if i use student loans? it all seems to be too good to be true to me, it's a little fishy to me! i mean is any of this actually true? please answer me, i am so confused!
Usually you'll get a combination of loans and grants that you can use for whatever you want. They'll credit the money to your student debit account. If you don't have one already, set one up as soon as possible because you'll use it a lot. Generally, nobody will keep track of how you spend the money as long as you return the payments on time.
One semester, I had over $1000 left in my account that hadn't been used up in my school expenses, so I bought a new computer and musical instruments with it. Looking back, I would recommend saving as much as possible and keeping good records so you don't end up too much in debt.
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This entry was posted on Tuesday, April 21st, 2009 at 8:53 pm and is filed under college student loans. Follow the comments through the RSS 2.0 feed. You can post a comment, or leave a trackback.
It depends, sometime a school will offer you federal loans that will be more than your education costs, but not by much. You'd probably need to seek out private student loans to cover your living expenses.
References :
May 20th, 2009 at 3:10 am
Usually you'll get a combination of loans and grants that you can use for whatever you want. They'll credit the money to your student debit account. If you don't have one already, set one up as soon as possible because you'll use it a lot. Generally, nobody will keep track of how you spend the money as long as you return the payments on time.
One semester, I had over $1000 left in my account that hadn't been used up in my school expenses, so I bought a new computer and musical instruments with it. Looking back, I would recommend saving as much as possible and keeping good records so you don't end up too much in debt.
References :
May 20th, 2009 at 3:18 am
No. It's not true. However, if you don't have a lot of bills to pay, and you take a certain amount of classes, depending on the fees, tuition, etc, you can take out a loan, and pay for that, and then you get the rest of the loan. But there is no way that that alone can last you an entire semester. In my University, we can get UP to 1750 a semester. But, tuition MUST be paid for so if you don't pay for it with your loan, gotta find another way. A lot of times, like my husband, has to use his loan to pay for it, and his school and fees for all his classes for this semester, cost around 1200. So he would only get like 400 back.he can't even pay for one month rent for that. BUT, if you get maybe a pelgrant, which is where the government pays for your schooling, then you can get that and that will pay, and then you can get the full loan, 1750, or whatever it is your loan is amounted to.
References :
Me and my finances.
May 20th, 2009 at 4:02 am