Students often take out student loans because they can’t afford to pay for school out of pocket. Can you pay rent with student loans?
Rent is an expensive piece of college for students if they don’t live closeby. It’s an expense that can be important when someone goes to school.
This has people wondering if they can use their student loans to pay for things like rent before they make a decision.
Paying rent with student loans
According to Marca, the answer is yes. You can pay for your rent with student loans. A student may use their loan to pay for a place to live.
Whether you rent on or off campus you may set it up so your student loan can pay your rent. Unfortunately, the amount you need to take out in debt will rise if you must pay rent with them.
Every year the amount students need to pay for tuition and housing goes up. This impacts over 44 million borrowers.
This means that every year the amount of money people need to borrow also increases so they can afford tuition as well as room and board.
If you’re looking for a place to live to go to college, most colleges offer student housing at a much lower rate than what you would pay for off campus housing.
A lot of Americans will see their college debt forgiven
Recently, President Joe Biden announced that borrowers will be forgiven up to $10,000 if they make $125,000 or less per year.
For those who received Pell Grants, they’ll receive up to $20,000 off of their bill. Pell Grants are given to students with a higher financial need.
About 43 million Amerians owe a total of $1.6 trillion dollars in student loans. The average debt is around $37,667.