What Options do I have with my Student Loan?

Once you have received your student loan, the college or university keeps the tuition fee, and sends the rest to your account. There are a lot of things you can use them for, preferably for things related to your college (or university) education.

What can you do with your student loan?

Here are few options you have once you get your student loan:

Stationary Supplies:

In whichever state you live in, stationary is one thing you most definitely need. Without stationary there is embarrassment, as you will have to ask others to provide you with supplies. If no one has them, it could land you in big trouble, especially right before an exam or quiz.

Books:

For every course in every semester, you may need reference books. They usually are expensive and come within your education budget, so it would only be reasonable to buy them using the saved-up student loan you have.

Transportation:

You may require public transport to go to your college or university and come back home. Use the saved-up money from your student loan to travel. Travelling wages are usually not that high, but may become a bulk when you calculate the monthly spending. So, use up your student loan wisely for it.

Daily Lunch

In college you may need to get yourself lunch. Many students usually do not have the time to prepare one for themselves, and using your student loan to get yourself lunch will be a viable option.

Hostel or Board rents

If you are living in a hostel, using your student loan to pay for your living expenses would be a good decision to make. Since this thing is indirectly related to your college or university living, you will not have to face guilt for spending the loan on your rent.

However, you can also use the rent if you are not living in a hostel. Though off campus living may be much more expensive, and you will have to add up separate earnings in order to pay off that rent.

What not to use student loans on?

Although it is possible for you to use the student loan on unnecessary things, this is not a wise option. Here are a few things do not spend your student loan on:

  • Drinking and partying
  • Giving debts to others
  • Using them for entertainment
  • Using them on dinner dates

The reason why we suggest against using student debt on these things is that once it becomes a habit, you will start wasting your student debt on pointless things, and will neglect the things that really matter. It will harm you in the long run.

Final Thoughts

It is not to suggest that you are not to enjoy or relax, but you should do it with your own hard-earned money. It will give you a sense of responsibility and you will be able to better manage your expenses in the future, since after one point all university related expenses shall halt and the remaining is what would be left.