Student loans can be used not only for tuition, but also for living expenses, including Ohio University off campus housing. It’s important to remember this handy check from the government isn’t like the ones from Mommy and Daddy. You’ll be expected to pay them back, with interest. Don’t use them to finance Spring Break or a coffee shop tour of Amsterdam. US News & World Report has some excellent advice on how not to ruin your future by misusing your student loans just as you’re trying to get a start in life.
Financial Advice that Could Save $10s of Thousands
Some of the advice is common sense. Don’t burn money just because you can get it. Avoid giving into lifestyle inflation or trying to keep up with your “Trustafarian” friends. Don’t use your student loans as an excuse for not working a part time job.
As John Collins, managing director of GL Advisor, points out, abusing your student loan can rack on an additional $10,000 to $50,000 in debt. Be smart. Save that money for a real house, not an off campus apartment you’ll crash at during your college education.