Can a student loan be used for more than just college?

Student loans cover more than just tuition, fees, and books for school. You can also use them for other college-related costs — including living expenses.

How many times can you take out student loans?

The maximum amount you can borrow depends on factors including whether they’re federal or private loans and your year in school. Undergraduates can borrow up to $12,500 annually and $57,500 total in federal student loans. Graduate students can borrow up to $20,500 annually and $138,500 total.

Can I use my school loans for anything?

According to the Department of Education’s Office of Federal Student Aid, “All loan funds must be used for your education expenses.” Education expenses include tuition and fees; books and supplies; and general living costs. Other living expenses include meals.

How many colleges and universities have student loans?

According to the United States Department of Education, more than 6,000 colleges, universities, and technical schools participate in the Federal Family Education Loan Program (FFELP), which represents about 80% of all schools.

When did the government take over student loans?

Months before the country’s student loan debt first eclipsed its credit card debt in August 2010, this act eliminated the Federal Family Education Loan Program, requiring that all new federal loans be direct loans. If you were wondering when the government took over student loans, now you know. So what?

When was the first student loan system created?

This bit of history of student loans might surprise you: Using the first documented system of education debt in 1240, aspiring scholars had to deposit their valuable possessions — anything from precious metal cutlery to hand-made animal-skin books — in wooden chests to secure funding. That’s how student loans were invented.

How much can you get in student loans per year?

Note that the total for each year, and cumulatively, includes both subsidized and unsubsidized federal loans. If, for example, your subsidized loan total in year one as a dependent undergrad is $3,500, you are limited to $2,000 in unsubsidized loans for that year.