Is it possible to live off of student loans in an apartment off campus?
I just found out that I am pregnant and I still live at home which is awful. I am almost done with school. I am wondering if apartments will rent to a person who is living off student loans? I know that want you to have a job... Also can you get a loan in the middle of the school year like now?
- redhairedmama75Lv 51 decade agoFavorite Answer
Good luck with that.
- 1 decade ago
It would be really difficult. I really don't think any apartment place would rent you an apartment with no job and just having student loan money to pay it. Also most places you have to sign a contract that says you will stay a certain amount of time in the apartment usually a year and if you break the lease you will have to pay. Also you probably will have to make a security deposit. I believe you can get a student loan during the middle of the school year...I wouldn't swear to it but you might be able to. Are you a senior? Because with federal student loans you can only borrow a certain amount of money depending on your level in school. ex. freshman. If you decide to get a student loan. get a federal student loan because they are better, and they won't go into repayment untile 6 months after you graduate. Also most don't acrue interest while your in school. I don't think your going to be able to live off student loans. Have you checked around to see what all types of aid that would be availbe to you do to the situation your in. Best Wishes. Also apartment places usually do a credit check. Which a lot of places will make you pay for that and a criminal check.
- 1 decade ago
There are two sources for student loans -- the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Application for Federal Student Aid (FAFSA). In most<!--instances the FAFSA is required for all federal financial aid including federal student loans. Deferment options are available while you are still attending school at least half-time. There are four main federal loan programs.
Federal loan consolidation is for students who are in repayment status or parents who wish to extend the repayment period on their current PLUS and obtain a fixed interest rate for the life of the loan-->you can combine all of your eligible federal student loans into one loan with a Federal Consolidation Loan. Consolidating also locks the interest rate you pay on your loan.