What Do Student Loans Cover?

What Do Student Loans Cover?

A college education can be expensive. Scholarships, grants, and work-study programs can help cover the costs, but according to the Institute for College Access and Success approximately 70% of students will still need a student loan. Here are some typical expenses that student loans can help you cover.

Tuition and Fees

Tuition is typically the largest expense when it comes to higher education. The average yearly cost of college tuition can range up to $31,231 (for a private four-year college). Student loans are specifically meant to help cover these costs, as well as other expenses directly associated with college attendance, such as activity fees (including campus gyms or recreational facilities), library fees, parking permits, and any fees covering use of on-campus technology.

Housing

Whether you live in a dorm room or off-campus you will likely find that housing can be a large expense. The average cost of student housing ranges from $7,500 to $9,000 per year, depending on whether you attend a private or public university. Student loans can be used to help pay for off-campus housing, but plan ahead to make sure your costs are covered and you receive the funds in time.

Textbooks and Other Supplies

If you have a full schedule and need to purchase multiple textbooks it can really add up. According to College Board, the average cost of books and supplies for a full-time student at a four-year public college is $1,200. Student loans can help cover the cost of books, as well as other school supplies.

Computers/tablets

Laptop computer prices vary widely depending upon the brand and included features. Depending on the type of computing power you need to help complete your coursework, tablet computers may be a less expensive option. Whatever type of computer you choose, student loans can be used to cover the costs.

Make sure you check with your school to find out if your student loan can be used for items not mentioned here.