Finding a Place to Live Using Student Loans
Choosing the right college is a big deal. Finding a place to live is equally as daunting. If you have student loans, then chances are you’re aware of the cost involved for room and board. Perhaps you see your loan funds dwindling far quicker than you imagined, and there’s a little anxiety involved with keeping those funds available as long as possible until your next disbursement.
If you’re feeling a little apprehensive over the charges for room and board at your school, then it may be time to take a look at renting a place instead. You may find an off-campus room cheaper than your dorm room, and if not, it may be a better trade-off for privacy. If you’re wondering why you would want an extra cost, well, the truth is, renting doesn’t have to cost you anything out of pocket. Your student loans aren’t only for a dorm in your school. They are accessible for wherever you decide to board. Read on for a few tips on how to rent a place with your student loans.
Know Your Loan Amount
Before you can do anything involving your student loans, you need to know what amount you’ll receive. The last thing you want to do is get your hopes set on a place, only to realize your student loan disbursement won’t cover the entire cost. Remember, your loans will pay the school tuition and typically the book fees first before releasing the remaining amount to you. Keep track of your loan approved amount, the tuition going out, and the sum to be reimbursed. You can check this by logging into your student loan portal.
Once you have a good idea of what funds you’ll have leftover, then you can search for a place that suits your needs. Keep in mind, if you’re not working a regular job during college and relying solely on your loan amounts for living, you need to budget for groceries, toiletries, gas, and whatever else you plan on needing money for until your next disbursement.
Don’t Be Caught Off Guard
One thing to keep in the front of your mind is to make sure you’ve chosen to have the extra loan amount disbursed directly to you. If you are uncertain how to do this, or aren’t sure if you’ve chosen this option, then call your financial aid office, and they can walk you through the whole process.
Loan disbursement dates aren’t always calculated perfectly. You may have a delay from when the funds are sent to you. That can affect you if you’re still needing to pay rent. Keep money aside for covering the first week of waiting with your loan disbursement. If you aren’t working a job, you’ll need some of your loan money put up for emergencies or late disbursements.
What do you do if the disbursements aren’t being sent consistently enough? You can always get a roommate, work in the school café for cash, or stash funds aside at the beginning of your disbursement.
Look For Student Leasing
Now that you’ve got a firm grasp on student loan amounts, disbursement, and emergency funds, you may be ready to jump and find the place of your dreams while you go to school. Before you get your heart set on a place, make sure the landlord is ok renting to you based on your student loan disbursements. If you have another job, this may not be something you even need to worry about or need to mention, since your primary job will be on the application. However, if you plan on living with only the disbursements while in school, you’ll want your landlord to understand that. This could help you in the long run, especially for getting some leniency on when those disbursements are released a little late.
Living in a house or renting an off-campus room is something you can do using your student loans. Just remember to know your loan amount, stay on track, and look for student leasing. The apartment of your college dreams is just around the corner.
