Are students allowed to do this?

Question

I am a junior in college. my tuition costs about $27,130 and there are no more on campus housing options. All of the places near school to rent from cost about $1,350 which is fine. but I need to know if I can borrow that money from a loan to cover my housing off campus. I kno sometimes they say you can't borrow more than this amount based upon your tuition, but if you need housing money worth $16,000 a year, will they allow me do to so?

Answer 1

Check with your financial aid office.  They will be able to explain how it works to you.  Essentially, they set you up a moderate cost of attendance budget including how much it costs to live (rent, food, etc).  You can borrow against this budget, which will allow you additional living expense funding for these situations.