With the average cost of out-of-state tuition at $29,150 per year, it's no surprise that many students need loans to cover their expenses. Even the $11,260 average sticker price for in-state tuition might feel out of reach for many students. Fortunately, you can♑ use student loan money to pay for tuition, fees, books, equipment, food and housing, as well as many other school-related expenses.

If you use debt to pay for college, you'll want to understand what student loans can be used for.

Understanding Student Loans

Student loans are designed to fill the gap in paying for college. For many, savings, 澳洲幸运5官方开奖结果体彩网:scholarships, and grants can't completely cover the cost associated with getting a higher education. There are two main types of s⛎tudent loans:

• 澳洲幸运5官方开奖结果体彩网:Federal loans: Offered by the government, and anyone, regardless of income or 澳洲幸运5官方开奖结果体彩网:creditworthiness, is eligible for them.
• 澳洲幸运5官方开奖结果体彩网:Private loans: Provided by lenders that check your 澳洲幸运5官方开奖结果体彩网:credit score and income before approving loans.

Generally, student loans are meant for costs directly related to attending school. If you have money left over from the loans after all expenses are covered, consider putting those funds toward paying down your debt so you save money in interest in the long run.

Legitimate Uses of Student Loans

According to the U.S. Department of Education, the following are all considered 澳洲幸运5官方开奖结果体彩网:qualified education expenses:

Tuition and Fees

The money you pay for tuition and any required fees (such as activity fees) are clearly educational costs associated with attending school. You can use student loans to pay these, which are generally one of the most expensive aspectsꦦ of paying college costs.

Food and Housing

You can use student loans to pay the cost of your on-campus housing and meal plan. If you live off-campus, you can use student loans to cover rent payments. You can also use student loans for utilities and groceries while living off-campus.

Books and Supplies

You can pay for required textbooks with student loans. It's also acceptable to use student loans to pay for books, supplies, special equipment required for a course, and other necessary items.

Equipment and Technology

It's also possible to spend student loan money on essential technology. Most students today need computers as well as word-processing software and other programs for class. Your student loans can be used to cover these costs.

Transportation

If you need a bus pass or to pay a parking fee to be on campus, your student loans can cover these expenses. Additionally, if you travel a significant distance to visit home during school breaks, those transportation costs can also be covered🦋 with student loans.

Child Care Expenses

If you have children, you can include your dependent care expenses in your cost of attendance. As a result, you might be able to pay these costs with your stuജdent loan fu♛nds.

Non-Permitted Uses of Student Loans

Not every expense you incur while in school will be a qualified education expense. You may be penalized for purchases that weren't approved by your 澳洲幸运5官方开奖结果体彩网:loan servicer. Some purchases that you shouldn't use your student loan funds for include:

• Entertainment and eating out
• Vacations
• Paying down other debt, such as credit cards or car loans
• Clothing and other shopping experiences
• Services, such as cleaners or dry cleaners, that aren't required for your education
  

The Bottom Line

澳洲幸运5官方开奖结果体彩网:Student loans and scholarships can help you pay for college if you cannot afford to pay out of pocket. However, borrowing exactly what you need is important to avoid getting deeply into debt. Consider getting a part-time job, applying for scholarships and grants, and looking for other ways to cover costs so you don't need to borrow as much to complete your degree.