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When you apply for financial aid and take out student loans to pay for college, you’re not always limited to using that money solely to cover tuition and fees. Most lenders – including the federal government and private student loan lenders – allow you to use your loan funds to pay for other education expenses in each school year.
That’s important to know, as tuition and fees make up only a portion of your actual bill. According to the US Department of Education, your total cost of attendance is the payday loans Michigan full amount you’ll pay to go to college each year. The cost of attendance includes tuition and fees, room and board, books, supplies, transportation, loan fees, and other select expenses.
The College Board reported that the average total cost of attendance is $26,590 for an in-state student attending a four-year public university and $53,980 for a student attending a private four-year school.
If you’re trying to figure out what exactly your student debt can be used for (and what they shouldn’t be used for), here’s what you should know.
Federal Student Loans vs. Private Student Loans
If you need to borrow money to pay for higher education, we recommend starting with federal student loans.