Do they have school loans that pay for school and housing?

Question

I want to go to college and I dont want to stay in dorms. Is there a way I can get a school loan that would pay for an apartment and bills and also school, since I would not be able to work if im going full time? I also have little credit and what I do have is bad. My parents would probably co sign though

Answer 1

All student loans can cover school related expenses, including books, fees, housing, and living expenses. The reason that they don't, usually, is because tuition is high and there are limits to what you are allowed to borrow every year. If you go to a community college, you can often borrow enough to cover everything but if you go to a more expensive school you'll often end up short on tuition alone.

Fill out a FAFSA to see how much you are "expected" to contribute: www.fafsa.ed.gov. Apply for the maxium amount of Stafford loans (and Pell Grant, if eligible) available, and then maybe look into other types of loans. Your credit score has nothing to do with Stafford loans, which are backed by the government. Private loan companies might require a cosigner. And there are PLUS loans available if your parents are willing to borrow for you.

Answer 2

Most loans cover what would be an estimated cost of attending. When I went to college and graduate school, they dispersed the loans and I decided where I wanted the money spent. It is based on your income and your parents' income, usually, assuming they are going to help you out. I would consider dorms, though. They are a great way to make friends and get involved. I lived in dorms for 3 years and it took less time to get to class, plus you save money on gas for driving, whatever.

I would work on my credit-get a credit card and make regular payments each month. You can charge $10 and pay $10 each month. You probably will need your parents to cosign on an apartment.

Answer 3

If you get financial assistance, loan or grant, the money is meant to be spent for education. The money is normally sent to the school where the cost of tuition is deducted. If you live on campus the cost of housing will also be removed. You will get the remainder of the money which you can then use on things like books or travel should you have to drive to campus or pay bus fare.

If you live off campus you should receive more money back from the college since they are not providing your housing. The money would then be there for you to pay for bills & rent, travel, and books just like if you lived on campus.

Remeber to file your Federal and State Financial Aid (Fafsa) form. This will help you get aid and loans at lower rates than from places like MyRichUncle or Sallie Mae.