Student loans can be especially troublesome because they are difficult to wipe outeven in bankruptcyso theyll haunt you for life if you get in over your head. Student loans are intended to pay for college but education costs include more than tuition.
can i use student loans to pay bills
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What can i use my loan money for.
Can i use student loans to pay bills. We run the numbers on interest rates for student loans vs. Can you spend your loan money on anything you want. Since student loans can cover the full cost of education and living expenses while in school earned income can be used for paying off debt.
Its important to get a better understanding of what your student loans are meant to cover before you start using those funds. Yes federal loans can be used for bills but they have to be school related. The allowable costs listed in the handbook include room and board meaning you can use student loans for housing and food.
Asked in personal finance loans student. Once those are taken care of we can prioritize the remaining bills to decide which ones get paid steps to take when you cant pay your bills. Wiki user june 25 2014 602pm.
Once you realize you cant pay your bills said dacy its time to go on the offensive. With low student loan interest rates it might seem smart to use student loans to pay off debt with high interest rates but is it possible to do so. By making a higher monthly payment you can shorten the length of your loan.
You can also use student loans for living expenses. Even an auto loan can cause trouble. If i pull 20k out of retirement i would have to pay a penalty but wouldnt it be better than paying the 24k in interest.
A bank account flush with new student loan proceeds can be tempting to tap. Can student loans or grants help pay bills other than school expenses. Debra chromy education finance council president suggests using income from a part time job to pay off credit card debt while using student loans for living expenses.
I am contemplating pulling money out of my 401k to pay off my student loans. Yes you can use student loans to pay for these living expenses. These are the basic essentials that we want to keep current in our finances dacy said.
Here are five things you can use your student loans to pay for. Youre limited to borrowing the schools. I owe 26k at 725 and using a calculation realized that if i take the full 20 years to repay my loan i will have paid over 24k in interest.
Use this tool to determine how quickly youll pay off your student loans. Credit cards and personal loans.