What Do Student Loans Cover?
Student loans can be a great option to help you pay for school. In addition to scholarships or financial aid, student loans can help to fund your education. You can apply for student loans from the federal government or private lenders, such as MPOWER. Many students, however, are uncertain about what the student loans can be used to cover. Here’s a step-by-step breakdown of common student expenses:
It’s important to note that each school has a different policy specifying how funds from a student loan can be used. Some programs will cover all student expenses, whereas others only cover tuition, food, and on-campus housing. We advise students to check with their school administrator on how your school approaches student loans.
While it might feel exciting and overwhelming to receive a loan and have a sudden influx of funds, keep in mind these funds are enabling your long term goals. To set yourself up for future financial success, it’s essential to pace your spending and budget responsibly. Your loan will require monthly payments, so make sure you account for these as well.
In conclusion, student loans are a flexible funding option for undergraduates and graduates alike! With a little bit of homework, you can figure out if they are the best option for you.
DISCLAIMER – Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.
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