Question:1. What is the maximum amount of money that a person can borrow from a student loan on a yearly basis?
2. Can a student loan be used for off campus living and travel expenses?
3. What other types of things can be used for a student loan?
4. Can a person get a student loan if they attend college on a part time basis?
The maximum amount that you are able to borrow from the Federal Student Loan Program varies dependent on if you are an independent student or a dependent student. If you are in need of more funds during a given year your parents could apply for a Parent PLUS Loan, your parents would be on the hook for the loan, but the funds would go to you the student.
Your Federal Student Loans can be used for travel expenses, books, food, school supplies, etc. What will happen is the amount that you are approved for and you agree to borrow will be disbursed starting with your tuition costs for that semester and then moving to your room and board if you live on campus, then satisfying any other school fees you may have. After that the left over funds will be sent to you, usually in the form of a check and you can do what you wish with those funds.
You are eligible for Federal Student Loans as long as you are attending school at least halftime. If you are below halftime status as a student you will not be eligible for Federal Student Loan help. Your status is determined by the school and the amount of credit hours you are taking during a given semester. For more information and for a chart which breaks down how much you can borrow a year please see the source below.
The maximum amount you can borrow depends on the college being public or private and on how much your parents make.
Student loan typically can not be used for living off campus or for traveling. It can be used for books, materials for classes like science labs, etc.
1. it depends
3. Books, tuition, food, rent.
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