Living off-campus can give students the freedom and allow them to experience being on their own. However, off-campus housing comes with different costs than living in a dorm. Some students may choose to use student loans for off-campus housing expenses.

Student loans — both federal and private — can be used to cover more than just your tuition. They can also cover living expenses, such as housing, groceries, toiletries, and more. These expenses are factored into your school’s cost of attendance (COA), which is used by lenders to determine how much money you should receive.

Student Loans can cover many college costs — tuition, fees, textbooks, on-campus housing — but can they cover that apartment off-campus? If yes so how it can cover? Here are some things to keep in mind when using student loans to live off-campus!

Student Loans that Can be Used for Living Expenses – Scholarships that Pay For Off-Campus Housing:

Student Loans that Can be Used for Living Expenses – Scholarships that Pay For Off-Campus Housing

Finding college scholarships that pay for off-campus housing is just like finding any other opportunity. First, it’s helpful to fill out a profile on Fastweb. Filling out a profile is free and just takes a few minutes. Furthermore, it gives you access to Fastweb’s entire database of scholarships.

With the information provided, we can match you to opportunities for which you actually qualify. Essentially, we do all of the hard scholarship search work for you. After you fill out a profile, you will be given a list of scholarship matches.

These are opportunities that you actually qualify for and can apply to immediately. Each scholarship will have a detailed page. Here, you can find helpful information like the deadline, amount, and eligibility requirements.

Additionally, you may find information about what the scholarship will cover. If you do not find what it will cover on the detail page, check the scholarship provider’s website. You can also email the scholarship committee directly to see if their opportunity will pay for off-campus housing.

Using Your Scholarships that Pay for Off-Campus Housing:

Once you have won, it’s important to talk with the scholarship provider about what the funding covers. Almost every opportunity will cover tuition. After that though, scholarships get specific about what they can be used for in terms of college costs. Some cover room and board at the college only. Others cover expenses like books, computers, and fees.

However, you will find that there are scholarships out there with less rigid stipulations, and these can pay for off-campus housing. Any scholarship that you win outside of your college or university must be reported to the school – even if you are using them to pay for off-campus housing.

If you have been over awarded between scholarships and financial aid, the college will remove money from your financial aid package. They are not doing this to punish you. Typically, they’ll remove the student loans first, meaning you will have less to pay back after graduation – if any at all. You can also indicate that you would like to use the scholarships to pay for off-campus housing.

While the college will still likely lessen your financial aid package, you will all be on the same page about the award amount and the college costs that it’s covering.

Do Apartments Accept Student Loans as Income?

Do Apartments Accept Student Loans as Income

Students can use the proceeds from the student loan to pay the rent, but they are not considered income for a rental application. Although requirements vary by the owner, this is usually the only source of income that you can claim.

When renting an apartment, it is a question of earned income, which you can prove with a payslip or income tax return. If you have no verifiable income other than your student loan, you will likely need a parent to sign the apartment rental application.

Once you are out of school and begin repaying your student loan obligation, the debt can actually hurt your chances of getting an apartment.

Can You Use Student Loans for Rent:

Student loans can be used to pay for room and board, which includes both on- and off-campus housing. So the short answer is yes, students can use money from their loans to pay monthly rent for apartments and other forms of residence away from campus.

However, the housing location that a student chooses can dramatically impact the cost of a college education.

When Student Loans Can be Used for Living Expenses:

When Student Loans Can be Used for Living Expenses

You can borrow to pay for living expenses, but that doesn’t mean you always should. You may be better off getting a part-time job while in school, tapping your savings, or building up some cash by working during school breaks. This way you can pay for living expenses upfront without taking on more debt than you can afford.

Using student loans for living expenses shouldn’t be your first option, so make sure you do your research before borrowing. To borrow wisely, you need to understand the process of taking out a loan to cover those non-tuition items.

What do Student Loans Cover?

Did you know student loans can help you cover college costs beyond just your tuition?  Check out this list for what your student loans can cover.

  1. Tuition and Fees
  2. Housing
  3. Textbooks and Other Supplies
  4. Computers/tablets

What do Student Loans Cover

1. Tuition and Fees:

Tuition fees are usually the biggest expense when it comes to higher education. The average annual cost of tuition can go up to $ 32,410 (for a private four-year college).

In particular, student loans are intended to help cover these costs as well as other expenses directly associated with colleges, such as activity fees (including campus gyms or recreational facilities), library fees, parking permits, and any fees that cover the use of technology on campus.

2. Housing:

Whether you live in a dorm or off-campus, you will likely find that housing can be a huge expense. Average student housing costs range from $ 7,500 to $ 9,000 per year, depending on whether you attend a private or public university. Used to fund off-campus accommodation, but plan ahead to make sure your expenses are covered and that you receive the funds on time.

3. Textbooks and Other Supplies:

If you have a full schedule and need to purchase multiple textbooks it can really add up. According to College Board, the average cost of books and supplies for a full-time student at a four-year public college is $1,200. Student loans can help cover the cost of books, as well as other school supplies.

4. Computers/tablets:

The prices for laptop computers vary widely depending on the brand and the features included. Depending on the type of computing power you need for your courses, tablets can be a cheaper option. Whatever type of computer you choose; student loans can be used to cover the costs.


Do student loans go to your bank account?
Lenders can garnish your bank account to recover student loan debt, and they can do it in different ways depending on whether your student loans are federal or private.
Does student loan give you money?
You can also use student loans for living expenses. … Both federal and private loans are disbursed directly to your school, which takes out tuition, fees, and room and board if you live on campus. Any remaining funds from the loan will be distributed to you, according to your school’s policy.
Can I get a student loan paid directly to me?
Most financial aid—including scholarships, grants, work-study paychecks, and loans—will go directly to the school, where it’s applied to your tuition payments, college fees, on-campus housing payments, and more. That being said, some scholarship or loan options will let the funds go directly to you, the student.



If you’re using student loans to pay for your tuition and fees and cost of attendance, make sure to exhaust your federal options first. Then, move onto private loans and use an online student loan calculator to gauge the costs and ensure you’re only borrowing what you need.

Although you want to borrow the minimum amount of money you need to attend school and have a reasonable standard of living, you need to avoid taking out too many student loans.

Student loans for living expenses are available, but it’s important to use the money wisely so you don’t run out of money and need to take on other consumer debt during the course of the academic year.

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