If you are like me, then you likely have some student housing loans making up part of your college debt. I also have some student vacation fun-time loans, student spring break loans and student doesn’t wanna get a job loans.
Yup, I took out extra loans and extra loan amounts to cover the cost of a lot of stupid things that a part-time job could have covered. Hard to believe that all these years later that I am still partially paying for some of those spring break trips and those terrible dorm rooms!
As you might have already guess, I am not talking about college loans that are just for student housing. Those do not really exist. What I am talking about is taking some of those college loan funds and using them to cover the costs of housing and other items. You see, technically, you can take out student loans to cover the expenses related to your education. And sometimes you might get a grant or a scholarship that results in you not needing to take out the full tuition amount in loans. But if you were like me, you did it anyways so that you would have some extra money.
That is a big mistake. A mistake that I made several years in a row!
If you are in college now, then I highly suggest that you do not follow in my footsteps and increase your student loan balance for stupid reasons. However, if you legitimately need it to over your student housing, then take it if you must. Of course, a better idea is to see about getting a part-time job on or near campus, which you can use to cover some of those costs. I took a work study job on campus one year that was supposed to be money to cover living costs, but I still took out the extra student loans like a moron!