Can I Use a Scholarship/Grant/Loan to pay my apartment rent?
1--i just decided to go to this one college (personal reasons for applying so late), and i'm automatically in because i'm salutatorian (woo-hoo) and they say top 10% is automatically in, and i think their housing buildings are full by now
2--their apartments cost like $800 (+ electric) monthly...while other apartments in the city go for like $400 (+ electric)
YOU CAN TELL BY THE CHEAP PRICES THAT THIS IS TEXAS...LOL
3--the apartments at the college are technically also off-campus (but close to campus)...but the other apartments are close to campus also
4--would you go with the college provided apartments or the other ones?
5--can i pay rent on the $400 with one of the scholarships i will be getting?
Yes. Financial aid is INTENDED to pay the total cost of school. This includes tuition, books, supplies, rent/mortgage, food, etc. Just be aware that the amount that the school gives you to pay rent might not be enough the pay for the place you want to live. Ask the financial aid office at your school how much your budget will be and how much they usually assume will be paid on rent. Usually it's the exact same amount as the cost of living in the dorms. This will give you a ballpark idea.
The way it works is this: your EFC is subtracted from the total budget your university sets (the budget includes a pre-set amount for: tuition/books/supplies, rent, food, utilities, etc.) You will be awarded a financial aid package to cover (hopefully all of) the difference between your EFC and the budget. You then choose what kinds of aid you want to accept (e.g. you don't have to accept any loans if you don't want to). Then either one of two things will happen (depends on the university): you will get a check/direct deposit for the total amount of your financial aid and then you'll get a bill for tuition OR the university will automatically deduct the tuition costs and then send you a check/direct deposit for the difference. Usually the latter.
I THINK U CAN USE A LOAN BUT THEY CHARGE U AND U HAVE TO PAY IT BACK WITHIN A CERTAIN AMOUNT OF TIME. BUT NO U ARE NOT ALLOWED TO USE YOUR SCHOLARSHIP OR GRANT! YOU GOT THAT FOR A REASON
I believe you pay the school first and then you can use the rest for housing.
You can use a loan to pay for your rent. I purposely request more money from Sallie Mae for living expenses. When I have a credit on my account through the college I request a Cash Release and the college sends me a check for the balance. I can then deposit the check and use this money for my living expenses while not having to pay it back until after I graduate. Good luck!
to answer your question NO you can't pay your apartment rent with your financial aid. If the college you're attending has apartments on campus you can live in yes that covers it and for someone who got automatic admission you could have gotten a full ride which would have covered all your expenses. Whereas if you had lived off campus you're responsible for all utilities where if you lived on campus your lights and heat comes from room and board costs and the only thing you'll pay for is your phone and cable.
There's usually a difference between tuition and the "cost of attendance" at most schools.
The cost of attendance includes transportation, housing, etc., and is usually factored in when applying for loans et. al.
In 2003, I attended college with an EFC of 0, and only requested state and federal aid. I received an $1100 check in the mail three months later.
I think i used it to buy stuff on eBay...
A few of these answers are completely wrong and I don't know why they bother to reply since they obviously know nothing about financial aid.
Just to clarify, financial aid is for all educational expenses. This includes tuition, fees, books, room, board, transportation and personal expenses.
And if you are getting a scholarship, first they will normally apply it to tuition. If that is taken care of they will deposit it in your account or issue a refund check. Then you can pay the rent for the off-campus apartments.
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To those that answered you are not able to use scholarship money for living expenses. they are most definitely wrong.
1st - You must look at the usage for the scholarship. Before anything you need to either look at the documents that came with the scholarship/loan for the terms, and if it does not state I would contact the people that gave you the scholarship itself. You can ask them if you can use extra money for room/board. If you got a lot of money, they will first apply it towards the tuition/expenses for going to school. Secondly you would want to apply it to books/materials. Lastly you would put it towards your room/board.
If you get loans, they can give you loans up to the cost of attending the school which includes tuition/books/room/board. The loans/govt assistance goes to the school first. As another person stated, you can then contact your school and they will be able to mail you a check for the remaining credit.
And on a personal note, why would you pay $800 a month in rent when you can get something cheaper off campus? That is just wasteful and frivilous. As an individual, I would not take advantage of the people giving you a scholarship because they might not be so inclined to assist you further if you are wasting their money. And well if you are getting loans, then you are just making it harder for you to pay the loans off when you finish college.
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