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If student loans are just for acedmic purposes, how does a student support their living expenses?

If student loans are just for acedmic purposes, how does a student support their living expenses?

Concerned-23

Student loans can be used for your total cost of attendance, cost fo attendance includes transportation and personal expense estimates, the things you’ve mentioned fall under this category. But on another note, you can be a full time student and work part time, so many people do this


very_confusion_still

Oh really? I think i was assuming a fulltime program would be an 9 to 5 sort of thing like undergrad, is it not?


Concerned-23

Are you speaking of graduate school or undergrad? I’m almost done with a clinical doctorate. I worked throughout school. I took classes and had clinical rotations but still fit in 15 hours of work a week. Some days I worked 6-8:30 am then went to class


very_confusion_still

Wow that's seems intense! I mean if i want to do a full times masters, will I have time to work? Im not familiar with how programs work in america, the university im in doesnt give you the option to choose classes, its a fixed schedule


Concerned-23

That’s how my program was. I thought it was better to be very busy and take out less loans than take out more loans and struggle with repayment


horsebycommittee

> I mean if i want to do a full times masters, will I have time to work? It really depends on the program. Most graduate programs require significantly fewer credit hours per semester than their undergrad counterparts -- this is usually a reflection of the fact that graduate students often do more of their academic work outside of the classroom (e.g. research, homework, writing, internships, teaching, and the like). Some graduate programs (particularly for professional and doctorate degrees) prohibit or limit outside work so that you are not overly distracted from your studies, but others permit outside work or even include it as part of the typical degree program (for example, masters students commonly teach undergraduate courses or do other jobs at the school in exchange for money, tuition, or room and board). In the US, you can use student aid funds (including loans) on any of your authorized educational expenses: > * Tuition > * Room > * Board > * Institutional fees > * Books > * Supplies > * Equipment > * Dependent care expenses > * Transportation > * Commuting expenses > * Rental or purchase of a personal computer > * Loan fees > * Other documented, authorized costs https://studentloans.gov/myDirectLoan/subUnsubHTMLPreview.action


alh9h

Yes, absolutely. For my masters, the school considered nine or more credits a semester full-time, so at least 3 classes. I was able to do classes, work as a research assistant to a professor and work at a coffee shop during that time.


JasonZep

When I was in grad school it was very busy so I wouldn't count on working a part-time job (but it depends on your program). I took out loans since I had a family. The school takes out the cost of tuition and fees and the rest went to my bank account. I used that (along with my TA money) to pay for rent and expenses. No one checks where the money is going but I wouldn't go crazy.


CriticalStrawberry

Part time student work is a 5-9 sort of thing. I went to school full time during the day and went to work at night and most weekends part time. It's definitely possible. You just have to give up the bars and partying 7 nights a week which most students won't do because they think that's why they went to college. In fact, nearly everyone I knew who worked in some capacity through school (whether it was minimum wage college town work or paid university research) finished school faster, with less debt, and had MUCH better grades compared to those who just went to school and enjoyed their infinite free time.


BuyThisUsername420

Your college has a calculator that uses area costs to determine cost of attendance. Clicking around the financial aid/award offer area should do it


pecansareyummy37

I always take out more than I need so I can pay rent/groceries/trips. For example I only needed to pay my school 4,000 this semester for tutituon and fees but I took out a loan on college Ave of 9,000 so I can have 5 grand to spend on textbooks, living expenses, anything else


likelysunny

Hey, so I’m currently in grad school in a program that requires that we don’t have a job. I live completely off of my loans. I have a direct unsubsidized stafford loan that is a fixed amount and then a grad plus loan varies. For grad plus, after filling out the fafsa, my program decides how much is necessary given my financial ability and the cost of living, transportation, etc. for my area. It’s my understanding that grad programs like this (very time consuming, cannot have a job) all work the same way. Personally, I do just fine with my stipend allowance. Obviously I’m not being frivolous, but I can afford my car payment, flights back home for holidays and spending money for nights out with friends. You’ll be in a LOT of debt when you’re done, so be sure that you’re going into a field that will give you a return on your investment, but it’s very manageable financially living off the loans.


very_confusion_still

Thanks for the insight, what would you say a mean average salary would be worth getting into debt for? (regardless of field, im not set in stone on what I want to do yet)


likelysunny

It depends. Are you going to be making enough money to tackle your loans while also having a savings, putting money toward retirement. If you want kids, will you be able to handle those extra expenses on top of your loans. Also have to think about the cost of living where you plan to live.


very_confusion_still

No kids, plan to avoid expensive states like the plague ( California and new york are off the list for example), but i would like to save some money while paying off my loans. What would be a good mean average salary for a plan like that?


likelysunny

I can’t give you a number. It comes down to many variables.


very_confusion_still

Okk thank you!


SouthernDelight13

When I was in school I took out enough to cover the part of my tuition not covered by scholarships with enough extra to pay for my rent for the school year. After that I scheduled all my class to go from like 8-12/1 at the latest so I had the entire afternoon for work and other stuff. I worked 2-3 jobs every year to pay for my groceries, bills, and miscellaneous items. Since I worked at the school I only worked 25 hours a week(max allowed for students) during the semester and I think over 30 during breaks between semesters. I only did a BA, so my credit hours varied from 12-18 credit hours a semester, or 4-6 classes. 4/5 classes was considered full time for me and 6 classes sometimes needed a sign off because it was more then full time or something weird like that. So it is possible to work, just a matter of how you manipulate your schedule (we were allowed to set our own schedule) and the jobs you are working to work for you. I found on campus work easier to work with my schedule then something in town. Hell one of my campus jobs was closing the library so I was there from like 7-12:30, but as soon as it was locked up we left so we left at midnight usually and got the half hour pay without working.


[deleted]

I did food tasting and lived in a car


Penguin335

In the UK, we get tuition fee loans, as well as maintenance loans that cover our living expenses. The maintenance loans aren't enough, naturally.


st8k35isHiGH

A job.


griffethbarker

For my undergrad program, I worked full time and also attended school full time. Graduated with $0 debt. I did have the advantage of receiving grant funding, though. Which helped with about 30% of my tuition costs. Now starting my graduate degree, and have federal student loan for the amount of tuition. I will be working full time still through my masters which will continue to take care of living expenses.


tater_pip

I worked full time through undergrad and grad school. And slept like 4-6 hrs a night. Roommates. Public transportation. Being a broke college bum essentially, there’s a reason college students are notorious for showing up wherever there’s free food (aside from being hungry and wanting to socialize, lol).