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Can You Use Student Loans to Pay Rent?

Heading to college is an exciting experience. For many young adults, college is the first time they have lived away from their families. However, it isn't the education that is the exciting part; it is being able to live on your own. TO do this, you need to find somewhere to live. Thankfully, there will be no shortage of places in heavy student towns. Many college students aren't quite prepared for the cost, though. 

Simple Fast Loans knows how expensive being a student is. You must understand the cost of student living, particularly the upfront costs. Moreover, you will eat into your student loans relatively quickly if you don't. This can leave you with little to no cash for the rest of the college year...which is the last place you want to be! 

The Costs of Student Living

Student living isn't cheap. Landlords have a captive audience, knowing they can charge huge sums of cash for their accommodation. They know that students are still going to want to live there.

When you move into a student rental, you will have:

  • Rental costs
  • Cost of furniture (not all student rentals are fully furnished!)
  • Cooking equipment
  • Bills. This includes electricity, heating, water, and internet bills.

However, the one thing students do not expect to pay will be the rental deposit. Most landlords require a student to pay one month’s rent upfront. There are a few reasons for this.

Firstly, most students do not have a good credit history. Most students don't have a credit history. They are fresh 18-year-olds. They have no credit to their name. Landlords aren't huge fans of taking risks like this. They will have somewhat alleviated the risk by requiring one month of rent upfront.

Secondly, students are not exactly the most incredible people when it comes to looking after their rentals. Many landlords have fallen foul of this. They quickly work out that students cause damage. The upfront deposit will help to cover this. However, if you are a student and the landlord tries to keep your deposit, ensure that you work out why. They can't just keep it without explanation. 

Can You Use Student Loans to Pay Rent?

You can use your student loan to pay rent. Student loans cover college expenses, e.g., rent, food, school supplies, etc. However, just because you can use your student loans to pay rent doesn't necessarily mean it is a good idea.

Most people do not receive vast sums of cash for their student loans. As a result, you will often find that many students see themselves stretched thin. It is not uncommon for students to run out of cash before the end of the school year. 

You need to budget wherever possible when you aren't receiving a large amount of cash. For example, rent can take up a considerable chunk of your monthly budget. In addition, you have a ton of household expenses to deal with and that massive upfront deposit; the chances are that you won't eat too well for a few weeks. 

You must remember that you will not have any more cash flowing in unless you get a job. That's it until the following year when you must apply for your student loan all over again.

Remember, there is a limit to the amount of cash you can borrow on your loan. This means that if you do end up hitting the loan maximum, you won't be able to receive any more cash. Many people have been in this position before and have had to drop out of college early. If your money is being spent on rent, you may be in the same situation. This means that you are not going to be able to graduate.

An Alternative Way to Pay Student Rent

Now, you could get a job. Many college students do, and many of the areas where colleges are located tend to be open to part-time college workers. However, remember that when you work, you will be taking vital time away from your studies. In addition, many students, even part-timers, have found that their grades have suffered.

If you are a student, you may be interested in a personal loan from Simple Fast Loans. This is different from a typical student loan in a few ways and can be a good way to pay rent.

You Won't Tap into Your Federal Student Loan Maximum

First, a personal loan from Simple Fast Loans will not impact how much cash you can borrow from the federal government. So, if you need to borrow more money, you don't have to worry about hitting that 'cap.'

This means that if you take advantage of a personal loan from Simple Fast Loans, you can do so safely in the knowledge that you will likely have federal loans available to you during the latter part of your studies.

It can be Easier to Budget with a Personal Loan 

The upfront cost of a rental can be massive. Unfortunately, it isn't uncommon for those upfront costs to hit hundreds of dollars. This can take a hefty chunk of your student loan, even if you borrow the maximum amount available.

When you take out a personal loan from Simple Fast Loans, you can spread the cost over several months. This means that you are not spending a considerable amount of cash upfront. Some people like the fact that they can spend these big payments over a period of time. It provides them with more cash to buy the other necessities for students, i.e., food, a computer, and any books and supplies they may need.

Easy and Fast Application

Simple Fast Loans understands that students are often new to the world of borrowing. Many of them will not have borrowed cash before, so it can be tricky to borrow from a traditional bank.

A personal location application with Simple Fast Loans is quick. The process takes only a few minutes, and you could receive approval for your loan a few minutes later. The cash could be sitting in your bank account as soon as the same day.

While credit checks are carried out during the process, they will not be as strenuous as you would find in a typical bank. This means that students have a much easier time borrowing the cash they need to help cover their rent and living costs.

Get a Student Personal Loan Today 

Are you a student facing the massive expense of rent? Simple Fast Loans can help. Many students have benefited from a personal loan from Simple Fast Loans. This has helped them spread the massive rent costs over a few months, particularly the rental deposit. In addition, this has enabled them to ensure they do not blow through their federal student loans too fast.

Those looking for a student personal loan can fill in the short inquiry form on the Simple Fast Loans website today. Then, get the cash that you need to cover your rental expenses in just a few hours!  

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