Apply for a College Loan To Pay Rent

If you need to apply for a college loan to pay expenses such as tuition, books, meals, and even rent, there are many options for you to choose from. Just remember that your loan amount may not be enough to cover all college expenses. You'll have to find an apartment that fits in your budget.

Federal Stafford Loan

The Federal Stafford Loan is one of the more common popular loans. It is awarded by the government and has a lower interest rate and more flexible terms than other private or consumer loans. To apply for a college loan, you must complete the Free Application for Federal Student Aid (FAFSA). This application determines your eligibility.

Federal Perkins Loan

Like the Stafford, the Federal Perkins Loan is backed by the government. It differs, however, in that the Perkins is more need-based; it gives top priority to students with the most financial need. Students with a Perkins Loan have fewer repayment restrictions and have significantly fewer fees.

Private School Loan

Choosing to finance your college expenses, such as rent, through a private school loan should be your last option. This is because private student loans often have less flexible terms, more strict repayment plans, and higher interest rates than federal school loans. Unlike the Federal Stafford and Federal Perkins loans, private school loans are backed by lenders, not the government. Lenders will check your credit score to make sure you are a good risk, so be sure to pay your bills on time before you apply for a college loan!

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