6 Ways You Can Use a Student Loan

When it comes to financing your education post-high-school, you have a variety of options. Federal student loans can come in handy and are typically disbursed directly to your college or university of choice. But you also have private student loans, such as the ones Levo Credit Union offers, at your disposal.

Read on for some of the ways you can use these private student loan funds.

Tuition, Room & Board

Similarly to how your federal student loans work, you can utilize your private student loan funds to cover the costs of your school’s tuition or expenses related to housing or dining. This can be a big asset to supplement your federal financial aid, setting up your household budget for success.

Textbooks & Materials

One common way to make use of these private funds is to put them toward purchases like textbooks and other academic items (i.e., lab supplies, study materials, etc.). These amounts can add up quickly, so having access to funds in your corner can be a game-changer for your total upfront out-of-pocket.

Transportation

Do you commute from off-campus? Or do you have a part-time job that helps to cover the cost of attending school? Student loans can help with that. Whether it’s purchasing a monthly parking permit for a school-owned lot, a bus pass for commuting or vehicle access, your funds can be put toward your transportation needs as they relate to your schooling.

Tech Needs

One of the most important tools at your disposal when attending a college or university is your computer (or tablet, if that’s more your speed). Having technology available can make your life easier when it comes to studying, completing coursework and staying on top of communications. These devices can be funded through your student loan.

Off-Campus Housing

Using your student loan funds to pay for room and board through your school of choice isn’t restricted to school-owned housing. You can put this money toward off-campus housing, such as an apartment or rental house, as well.

Daycare

College students with children have an even larger budgetary item to account for—childcare. Taking care of your kids while attending classes can mean some added expenses, so it’s important to point out that you can use your student loan funds to pay for daycare and babysitting needs.