It’s only natural — after the first year or so of college, many students are ready for a bit more independence and think about making the move to off campus housing. But financial considerations can get in the way. Will it cost more? Is it possible to use student loans for apartment rent? What about additional expenses?
There are some exceptions, of course; so, it pays to always read the fine print, but if your off campus housing is roughly comparable to the cost of dorm life, you can almost always use your student loans for apartment rent. And, in many cases, according to loan processors, loan amounts can be increased a bit to compensate.
There are three important things to know about using student loan money.
1. First, your loan amount is designed to cover tuition, fees, and other expenditures itemized on your FAFSA application. It is wise to open a separate account for amounts over the tuition and fees paid to the college. Use those funds only for the specified expenses, and never mix loan money with the cash you spend to buy gas or pizza. That way, with minimum stress, you will always have enough to pay your rent and utilities.
2. Be realistic about all your costs. When deciding whether you can afford to move off campus, factor in housing, food, utilities, parking and incidentals. Be honest, and consider the value of the amenities at an off campus apartment complex, but try not to be swayed by the glamor or the “independence” of the lifestyle. Remember that college loans are just that and that you will be paying interest on the total amounts you borrow. Be as frugal as possible, and don’t be tempted to borrow more than you really need.
3. Disclose on your apartment lease application that you plan to use student loans for apartment rent. This disclosure is especially important if you have limited savings and currently don’t have a job. With no verifiable source of income, your application might be less likely to be approved. At The Standard, we are familiar with student funding and loan options, and we will work with you.
If you’re ready to make the move, and would like to use student loans for apartment rent, we will help you choose an apartment option that fits your needs, whether it’s a 4-bedroom, 4-bath plan where you have roommates to share expenses, or a single studio. We know you’ll be pleasantly surprised by the value. At The Standard, upscale amenities include exercise and fitness equipment in addition to heated outdoor spas, full kitchens and private laundry facilities, building-wide Wi-fi, high speed internet and televisions in our resident lounge as well as in private living rooms, garage parking available, and complete furniture packages. The complex is within walking distance of campus and boasts onsite management and maintenance staff.
Our new building in Boone will be ready for Appalachian State students beginning with the Fall semester. Contact us today to view units that are available, and to discuss how little student funding is required to move you in this fall and if you can use your student loans for apartment rent.