When applying for a student loan from a bank, are you only supposed to borrow money to pay for the school’s tuition or can you borrow money for room and board as well?
BEFORE borrowing at all, be sure to have a plan to pay and repay loans for all 4+ years. Lenders will be more and more reluctant to loan as the borrower has more outstanding debt.
Student loans can be used to pay for room and board as well as tuition.
Are you going through your school first? Usually the private loans are the last step in financing college. The college will give you a Cost of Attendance, which included room and board, tuition, fees, insurance. You should be able to borrow up to the COA that isn’t covered by the school financial aid.
Borrow as little as possible. If you are borrowing in excess of the $5500 freshman Direct Loan, maybe this is not an affordable college.
How much of a loan do you need to attend college?
If you have to co-sign bank loans to pay for school, you can’t afford to go there. I recommending going back and rethinking your future before you fall into a debt trap. Debt traps can sink careers and limit future educational options.
College loans don’t start with banks.
You are loaned money through the direct federal loans, some of which may be subsidized.
You can borrow 5.5k for freshman year and total 27k for your degree.
That’s how much you can borrow.
Your parents may be borrow from a bank but you can’t and toushoukdbt do that to them.
Run net price calculators in all colleges oure considering and apply to colleges that look affordable.
What are your stats?
Where do you live?
What do you want to study?