Student Loans For Living Expenses

Q: I received my federal financial aid and it is not going to be enough to cover my college costs. Are there any student loans for living expenses that I can apply for?

A: For some, what you receive in federal financial aid will not be adequate to cover your full college expenses, including costs of living. If you have exhausted all of your scholarship, grant, and federal financial aid for college, you may consider a private student loan. As far as any specific student loans for living expenses, these do not exist.

A private student loan can be used to bridge the gap from what your receive in federal financial aid and what your actual college costs are, but in order to reduce the amount of student loan debt you will accumulate, you should consider all other options before a private student loan. Private student loans for living expenses are going to be based on credit, so if you have little credit or bad credit, you will have problems securing these types of student loans (without the help of a cosigner). If you are an undergraduate student, you may consider working part-time, getting roommates, or checking to see if your school offers a program for free room and board in exchange for campus work hours, before looking into private student loans for living expenses. If you are a graduate student or parent of an undergraduate student, you may consider PLUS loans before looking into private student loans for living expenses. If you would like to read more on the topic of private student loans for living expenses, please click here for more information.