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Can I Use Student Loans For A Laptop

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What Can My Student Loans Cover

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Typically, student loans can help pay for tuition and other eligible school expenses, though you should look into other items that your loans might cover. Its important to understand your expected costs for college and only borrow what you need to fund your education not a lifestyle.

Carefully review your financial aid award letter. In some cases, the federal student loan amount offered through your colleges financial aid office will exceed the amount of money you need to cover your expenses. Remember: Just because you can receive excess loan money doesnt mean you should. Youre not obligated to take the entire amount offered and can request a lower amount.

Does Every College Student Get A Refund Check

Your refund usually appears within the first few weeks of each semester, and is dispersed in the form of a check. Not everyone gets a refund check. Each refund check is different, so the amounts will vary. It all depends on how much financial aid you received and how much your college expenses really cost.

What Not To Do

Do not borrow more student loan funds than you need. Remember, all student loan debt accrues interest, and other than subsidized loans, your student loans will start accruing interest from the time of disbursement . Borrowing more than you actually need can put you deeper into student loan debt. We recommend itemizing all of your expected expenses, creating a budget, and borrowing only what you need to fill the funding gaps.

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If Youre Studying Full

You may be eligible for student finance if your course is in the UK and one of the following:

  • a first degree, for example BA, BSc or BEd
  • a Foundation Degree
  • a Certificate of Higher Education
  • a Diploma of Higher Education
  • a Higher National Certificate
  • a Higher National Diploma
  • an Initial Teacher Training course
  • an integrated masters degree
  • a pre-registration postgraduate healthcare course

Check on the student finance calculator to find out which loans and grants you could be eligible for.

Provide Required Documentation To Support Your Request

Can I Use My Student Loan To Buy A Laptop

To withdraw money from an RESP, contact your RESP provider. They will ask to see official proof of enrollment before issuing the Educational Assistance Payment. They may also provide you with a list of allowable expenses that the money can be used for, or they may ask for receipts for school purchases to prove the money is being spent on allowable educational expenses.

Because they are responsible for administering the RESP in accordance with the Income Tax Act, your RESP provider determines what is considered a reasonable expense . Any expense that is in accordance with the Act and the terms of the plan would be considered reasonable.

One way to decide if a school expense is reasonable is to ask yourself whether or not this purchase will serve to further the students studies.

Note: Your RESP provider may have established guidelines or policies with respect to acceptable educational expenditures. For more information, visit the Canada Revenue Agency website.

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Using Student Loan Money To Purchase Nice Laptop

RealHumanBean1 said: Is this a bad idea? I’ll be entering school with a couple thousand dollars. I could either use that money as a safety net and purchase a new laptop with my loans, or eliminate that safety net while minimizing loan usage. Thoughts? Thanks you for your time!

RealHumanBean1 said: Is this a bad idea? I’ll be entering school with a couple thousand dollars. I could either use that money as a safety net and purchase a new laptop with my loans, or eliminate that safety net while minimizing loan usage. Thoughts? Thanks you for your time!

BlackLips said: You can buy perfectly functional laptops for < 500 that will last you 5 years atleast. If it starts to run down then in 5 years you can buy another one for 500 that might be better than one you’ll pay 2k for now. You are still coming out on top.

guytakingboards said: Piece of mind is nice. I bought an upgraded Macbook pro 2 weeks before I started medical school in 2009. Maxed out the RAM and added an SSD in 2013 but otherwise the thing has been going strong as a daily driver for nearly 8 years. I really appreciate the fact that I haven’t been forced to buy a whole new laptop .

RealHumanBean1 said: Is this a bad idea? I’ll be entering school with a couple thousand dollars. I could either use that money as a safety net and purchase a new laptop with my loans, or eliminate that safety net while minimizing loan usage. Thoughts? Thanks you for your time!

Terms And Conditions Of The Laptop Loan Service

Terms and conditions of the laptop loan service

The following terms and conditions are in place for the use of the laptop loans service.

  • The laptop remains the property of UCL
  • I will return the laptop by the due time/date to ISD, and if necessary report any damage to the Library/Service Desk.
  • I understand that it is not possible to extend the loan beyond a period of 6 months.
  • I understand that this laptop is for my personal use only, and I will not borrow it on behalf of a friend or colleague, or use it for work which is not educational or personal in nature.
  • I will not save files to the local computer and understand that any files saved elsewhere on the laptop could be lost.
  • I understand that no third party software that is not included in the UCL software catalogue can be downloaded or installed onto this laptop.
  • UCL is not responsible for any damage to the borrowers data storage device, loss of data caused by software, hardware, battery failure or computer viruses.
  • I understand that if the laptop is lost, stolen or damaged in my care, I am liable to pay repair/replacement costs up to £666.
  • Any software or hardware based issues should be reported to the ISD Service Desk or by phoning +44 20 7679 5000
  • UCL reserves the right to terminate the loan if the student is found to be in breach of any of the conditions above.
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    What Expenses Can You Use Student Loans For

    The Office of Federal Student Aid mandates that student loans must be used to pay for education expenses. But there’s some flexibility in how you can use federal student loans, beyond tuition and fees.

    The list of expenses you can apply federal student loans to includes:

    • Housing and housing supplies. Loan funds can be used to pay for living expenses, whether you’re staying in the dorms or renting an apartment or home. That includes rent and utilities. If you need to buy linens, rugs or other basic housewares to outfit your dorm room or apartment, those supplies can be purchased with student loan money.
    • Books, supplies and equipment. Textbooks can easily cost several hundred dollars per semester and you may also have other costs related to your major, such as special lab safety equipment or a new laptop. All of those things are covered as educational expenses for student loan purposes.
    • Transportation to and from school. If you don’t live in the dorms and travel to campus every day using public transportation or your own vehicle, those costs can be paid for with student loans.
    • Child care. Student loans can also be used to pay for child care expenses if you pay someone to watch your children while attending classes.
    • Study abroad costs. Spending a semester or two abroad can be an eye-opening experience and as long as you’re attending an eligible school, you can use federal student loans to pay for your expenses.

    What Is Cost Of Attendance

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    Essentially, COA is what it will cost to attend college. Your school will determine your COA. It includes the total cost of attending school, typically presented as the total cost for one school year. COA factors in expenses like tuition and fees, living expenses, transportation costs, books, supplies, and more. How much you are eligible to receive in student loans is determined by your schools cost of attendance. Cost of attendance differs by school. You may also see that your COA is referred to as your student budget.

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    How Much Should I Borrow In Student Loans

    After calculating how much college will cost, you can start the process of deciding how much money to borrow in student loans.

    First, subtract any money youre receiving from scholarships, grants, work-study, and federal loan programs from the total cost of tuition. Next, subtract how much you have in any 529 plans from that number. Finally, subtract any savings you and your family have.

    The remaining balance is what youll need to take out in student loans to pay for college. Be sure to not include costs such as travel in this calculation. You only want to use student loans to pay for tuition related expenses.

    Creating a plan for how you will repay the loans will also determine how much debt you should take on.

    How Will I Receive My Student Loan Money

    The bulk of the money you receive as a student loan usually goes directly to your school to pay for your tuition, fees and housing. After that, you may receive the remaining funds as a check, which is intended to be used to pay for personal expenses relevant to your education . This lump sum can arrive at the beginning of the school year or the semester, although some schools have started distributing these funds in installments to encourage more responsible spending among students.

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    Attend A College That Offers Free Laptops

    Many colleges support their students through free laptop programs. Some schools allow students to keep their laptop after graduating, while others require students to return their device.

    Be mindful that some colleges offer a free laptop bundled into the cost of the cost of tuition. It may be a line item such as technology fee listed in your tuition and fees summary. In situations like this, youre technically still paying for the device.

    Below weve listed some of the nations top colleges that offer complimentary laptops. Note that eligibility requirements vary. If your school isnt included here, they may still offer free laptops or tablets. Check with your college to make sure.

    Student Loans For Living Expenses

    Can I Get A Student Loan For A Laptop

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    Even though student loans are intended to be used to pay for the cost of college, college costs often include living expenses. Meaning, student loans can be used for living expenses. But its important to know that your school cannot award you financial aid in excess of your cost of attendance .

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    Costs To Avoid Paying For With Student Loans

    You can use federal and private student loans to cover some of your costs while in school. However, students should be careful what types of debt they take on for school items, often because federal student loans are relatively easy to get. You can even qualify for student loans for living expenses with bad credit, since most federal loans dont require a credit check.

    Taking out loans when you have poor credit can be tempting. But using student loans for expenses like the following can be a costly mistake:

    • Purchasing a vehicle. While student loans can be used for transportation, the rules state that they should be used for maintenance, fuel or fares. Theyre not intended to be used to purchase a car or for payments on an auto loan.
    • Travel. You can use a portion of your loans for legitimate study abroad programs, but you should avoid using them to pay for nonessential trips, like a spring break vacation.
    • Dining out. Under the cost of attendance, the allocation for meals is meant to be a reasonable amount for a meal plan or groceries. Its not designed to cover frequent deliveries or restaurant meals.

    In general, you should think about your student loans as a financing option to pay for essential expenses and the basics. You can use your loans to cover food, housing and transportation, but at a modest level.

    What Happens If You Use Student Loans For Something You Shouldnt

    Financial aid offices dont track exactly how students use their funds, so its unlikely that youll get in trouble for using your financial aid or student loans in cases where you shouldnt. But if you spend more money than whats budgeted in your schools official cost of attendance, you could end up with fewer funds than you need to pay for other expenses such as college textbooks or fees.

    Additionally, if your financial aid office finds out that youve spent funds inappropriately, you could:

    • Be reported to the Department of Education
    • Have your funds taken back retroactively
    • Be responsible for paying back what youve already used to the school

    Theres also a slim possibility that you could be investigated and prosecuted for abusing student loan funds if your financial aid office finds out so be sure to spend your funds appropriately.


    If youre worried that youve already used some of your funds in the wrong way, chalk it up as a lesson for how not to spend funds in the future. You could also consider saving money from a job or other income source to replace those funds.

    Learn More: How Do Federal and Private Student Loans Work?

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    Maximum Lifetime Limit For Student Aid

    There are lifetime limits on the number of weeks you can receive student aid. This includes interest-free periods while you are in school. Once a lifetime limit has been reached, interest starts to accumulate. You will also have to start paying back the loan 6 months after you graduate or finish your studies.

    Full-time students can receive student aid for no more than 340 weeks, except:

    • students enrolled in doctoral studies can receive student aid for up to 400 weeks
    • students with permanent disability can receive student aid for up to 520 weeks

    How To Qualify For Student Loans


    There are two types of student loans: After applying through the Free Application for Federal Aid , most students will qualify for federal student loans from the U.S. Department of Education. The FAFSA determines how much you will receive based on your familys demonstrated financial need. Federal student loans have annual borrowing limits each year.

    Private student loans come from non-federal institutions like banks, credit unions, and private student loan lenders. Lenders will evaluate your credit history and income to decide your creditworthiness and if you qualify for a loan. In many cases, students will be required to have a before getting approved, since many college students dont have the sufficient credit and income needed. With a private student loan, you can cover up to 100% of your cost of attendance*.

    To use either type of loan to pay for other living expenses, you should understand what is covered. For federal and private student loans, you should use loan money only for qualified expenses. Below are some qualified expenses that student loans generally cover.

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    Budgeting For Living Expenses

    The SM found that 61% of students said college was more expensive than they expected, even though 76% said that cost was a deciding factor in choosing a college.

    You wont be able to predict exactly how much your living expenses will be before you get to school. The numbers above are averages across the U.S. for full-time students, but theyll differ among students, schools, and cities. This variance gives you a chance to save money and plan far enough ahead to budget for your estimated costs. That will give you a better idea of how much of a loan you will need to take out.

    Calculate Net Price

    Net price is the cost of attendance minus your total financial aid package. Many institutions offer their own net price calculators that show their specific costs, including tuition, room and board, books, and miscellaneous expenses. Since costs can vary greatly from one school to another, its important to compare the net price of the schools that youre interested in.

    Extra Budgeting Tips

    When comparing college prices, you should also consider every opportunity for saving money while at school. Here are a few expenses to watch out for.

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    Alternatives To Using Loans For Living Expenses

    While student loans are one way to pay for living expenses, they arent your only option. Here are a couple of other alternatives to consider:

    • Apply for scholarships and grants: Because college scholarships and grants dont have to be repaid, they can help keep your costs low while paying for living expenses. You might qualify for federal grants or school-based scholarships after filling out the FAFSA. There are also many private scholarships and grants available from nonprofit organizations, local and national businesses, and professional associations in your field.
    • Get a job. Working a part-time job during college can help you earn extra money for living expenses while also building your resume. You could also consider applying for a job through a work-study program.

    Other ways to potentially lower your costs overall include:

    • Buying used textbooks or renting them
    • Living off-campus and getting a roommate
    • Carpooling with a friend that has a similar schedule to you

    Check Out: Tuition & Room and Board: On-Campus vs. Off-Campus Costs

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