Are there any student loans that can help me pay rent?

Question

I'm a 3rd year student and will graduate next year but I plan on continuing my education after.I can't dorm because I have a child and no family housing where I plan on going after. I'm too old to be living with my mother and its giving me a headache living here.

Are there any student loans that can help me pay rent for apartments? Getting desperate here, I need to get out! Thanks!

Answer 1

Blessed:



When the financial aid office at your school puts together your financial aid offer, they are already including an allowance for your room and board.



If you've been living at home, up until now, that allowance has probably been fairly small. Schools assume that students living at home are saving a lot of money compared to those who live in the dorms, or those who live on their own, in off-campus housing.



If you're going to be changing your living arrangements for the coming school year, be sure to contact the financial aid office, and let them know. They'll take that into account when they analyze your financial aid eligibility.



HOWEVER - as you are probably already aware - moving out of your mom's home is not going to change your financial aid dependency status. If you're a dependent student for financial aid purposes now, you will remain a dependent student, regardless of where you are living next year.



Your dependency status will only change when you either marry, turn 24, or begin providing more than 50% of the financial support for your child.



While financial aid (which includes student loans) is designed to help college students with the cost of a place to live and food to eat, there are no forms of financial assistance that are intended to help a student move out on their own. From that perspective, no, you're not going to be able to get a "school loan" that will enable you to pay rent.



Contact your financial aid office, so that they can analyze your financial aid need as an 'off-campus student living alone', rather than an "off-campus student living with family", and you may qualify for some additional assistance next year.



Unfortunately, you're going to have to have money to move out of your mom's home. Financial aid is not going to get you there.



Good luck to you.

Answer 2

I'm not sure if there are federal loans or not for your situation, you would have to check with a financial aid advisor at your school. It would probably depend on if you are independent or if your mom still claims you on her taxes. If you are still a dependent and can't qualify for federal loans then there are always private loans.



Private Student Loans give you a lump sum of money to use as you wish. When you apply for the loan you ask for however much you think you will need for tuition, rent, books, food, utilities etc. Just be careful because you do have to pay it back and the interest rate is much higher than federal loans so don't get carried away. Salliemae is a decent private loan company.

Answer 3

All student loans will let you use the money to pay rent. Student loans can be used to pay tuition, rent, car, food, gas, books, computer, etc. anything you need while you're in school. Though they aren't regulated. When I was in college a friend of mine took out a student loan and got a boob job. You're not allowed to do that, but they'd never possibly know. If you're expenses are high you might need a private loan, I'd go to salle mae on that or if you need a lot of money (15,000 plus) I'd go through Chase bank. But be careful with private loans, the interest is a lot higher and they can't be consolidated with your subsidized loans so you'll have 2 loan payments.



Also, if you claim your child on your taxes you're independent, which means you qualify for more subsidized money.

Answer 4

Even if the loan you receive goes to your school, instead of you, as long as your tuition is already paid most universities will issue an "overpayment refund." As an example: you take out a loan, and the company sends your school the check, which your school applies towards your tuition. Now you take out another loan, which this organization also sends to your school. But now you have overpaid your school for the tuition by the amount of the second loan, so your school will give you a check for the amount you overpaid. Either way, you get the money!