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How to Use Student Loans for Living Expenses
Student loans can be used to pay for college costs, including living expenses.
Anna Helhoski is a senior writer covering economic news and trends in consumer finance at NerdWallet. She is also an authority on student loans. She joined NerdWallet in 2014. Her work has appeared in The Associated Press, The New York Times, The Washington Post and USA Today. She previously covered local news in the New York metro area for the Daily Voice and New York state politics for The Legislative Gazette. She holds a bachelor's degree in journalism from Purchase College, State University of New York.
Des Toups Lead Assigning Editor | Student loans, repaying college debt, paying for college
Des Toups was a lead assigning editor who supported the student loans and auto loans teams. He had decades of experience in personal finance journalism, exploring everything from car insurance to bankruptcy to couponing to side hustles.
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Student loans are intended to pay for college, but education costs include more than tuition. 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.
Each college determines the cost of attendance, which covers expenses for one academic year and is adjusted yearly. Schools calculate numbers for on-campus, off-campus and commuter students, as well as for in-state and out-of-state tuition.
Both federal and private loans are disbursed directly to your school, which takes out tuition, fees and room and board if you live on campus. Any remaining funds from the loan will be distributed to you, according to your school’s policy. You may then return any funds you don’t need or use the money for living expenses, transportation, and books and supplies.
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What happens if you use loan money for nonessentials?
Generally, no one is tracking how you spend your student loan money. But, you could face consequences if your lender finds out you misused student loan funds. Depending on your lender’s policy, your current loan and any future loan options may be terminated, and you could immediately owe the full balance of what you already used. The bigger deterrent to wasting borrowed money is that you have to pay it back — with interest.
You can borrow to pay for living expenses, but that doesn’t mean you always should. You may be better off getting a part-time job while in school, tapping your savings or building up some cash by working during school breaks. This way you can pay for living expenses upfront without taking on more debt than you can afford.