Student loans for living expenses?
Yes, student loans will cover living expenses and you wouldn’t have to pay them back until six months after you graduate. They are personal loans as opposed to a federal student loan. I have both federal and private student loans and I have found that both loans offer flexibility of payment options and as far as how i have been dealt with I haven’t found any difference between the two loans. The big difference that I have found is that I was able to consolidate my federal loans into one loan with a fixed APR, and my private loans could not be consolidated with my federal loans and I have a variable APR with that loan.
Federal student loans will help you with living expenses as well. I knew several people that got help from federal loans to cover rental costs while they were in college.
A couple of banks that I know offer private student loans are Keybank and M&T bank. I’m sure most banks offer these loans though so look around at banks you are familiar with.
Most loan companies now pay directly to your university or college to avoid that issue. Student loans generally have lower interest rates than regular loans, so more people would want to take out student loans. Now, if your tuition was $10,000, and a loan company offered to pay $7,500, but you had already saved $5,000 on your own, it would be the equivalent of the loan offering $2,500 for you to use as you please. There are some loan companies that would be willing to pay a little more than you need, because with interest rates over the length of the payoff period, the company knows it will receive more back then it gave out.