Can you use Sallie Mae loans for living expenses?
Can you use Sallie Mae loans for living expenses?
You can also use student loans for living expenses. You’re limited to borrowing the school’s cost of attendance — that’s tuition and fees, books and supplies, room and board, transportation, and personal expenses —minus any aid you receive.
Can you get a student loan to cover living expenses?
Undergraduate, graduate, and professional students are all able to use student loans for living expenses. Student loan funds are typically disbursed directly to your school to cover tuition and fees. Any money left over will be refunded to you, which you can use to pay for housing and any other education-related costs.
Is it illegal to use student loans to pay off credit cards?
It’s not explicitly illegal to use student loans to pay off debt from credit cards, but it could be considered a violation of your loan agreement. You’re supposed to use student loans only for your education and related expenses such as room and board, books, and transportation.
Can you use federal loans for off campus housing?
Yes. Yes, you can get a student loan for off-campus housing. Since housing is considered part of the cost of attendance, it qualifies as a legitimate expense. You may use funds from a federal student loan or a private student loan.
Can student loans be used for groceries?
Room and board Full-time students can use their student loans to cover rent, utility bills, food, and other essential living expenses.
Can you use student loans for off campus housing?
Student loans can be used to pay for room and board, which includes both on- and off-campus housing. So the short answer is yes, students can use money from their loans to pay monthly rent for apartments and other forms of residence away from campus.
Can Sallie Mae garnish my wages?
Private student loans can’t garnish your wages until they sue you and get a judgment. They usually don’t sue right away. More commonly, they sue a few years after your last payment. Those are the everyday things that happen when you don’t pay Navient regardless if the loan is federal or private.