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How do people support themselves on student loans?
By admin | September 1, 2010
Jamie asked:
I hear of some people that go to school full time, and pay for their apartment, leaving expenses, etc. all on student loans. How is this possible? Isn’t the money from student loans supposed to go to classes, books, etc.? Is this even legal? I have been unemployed for 9 months and am exploring my options financially.
Kitchen Cabinet Organizers
I hear of some people that go to school full time, and pay for their apartment, leaving expenses, etc. all on student loans. How is this possible? Isn’t the money from student loans supposed to go to classes, books, etc.? Is this even legal? I have been unemployed for 9 months and am exploring my options financially.
Kitchen Cabinet Organizers
Topics: student loans |
September 4th, 2010 at 7:56 pm
The money is to support you so that you can go to school. Whether you choose to put it towards books or food or shelter or jeans is up to you. Its the same difference whether you put it towards tuition or food- its money to assist you to live and attend school. Obviously you have to show proof that you have in fact enrolled in university, and as soon as you cannot provide proof of that you have to start payin the loan back.
Its like if you have $5 in your pocket and your mother lends you $5 to go buy milk. Regardless of which $5 you use, its going towards buying milk, and what you do with change is up to you. Plus she’s still going to want you to pay her back.
Loans sometimes can cover much more than just the cost of tutition and books, because most students will not be able to work at all or much at all while they attend school, so loans from the govt take that into consideration to how much they will lend someone. They know you might want to pay rent and eat while you are studying.