When you think of student loans, you probably think of covering tuition fees and textbooks. However, there are several other surprising things that these loans can be used for while you’re pursuing your education. Here are six lesser-known expenses that can be covered by student loans:

1. Housing Expenses

Aside from the obvious costs of tuition and books, one major expense for college students is housing. Whether you live on or off-campus, you can use your student loans to help cover rent, utilities, and other housing-related costs. This is especially helpful if you’re attending a school in an area with high living expenses.

2. Transportation

Commuting to and from campus can become costly, especially if you don’t live within walking distance. Fortunately, your student loan funds can be used to cover transportation costs such as public transit passes, parking fees, or even car maintenance if you’re a driver.

3. Study Abroad Programs

Studying abroad is an incredible experience that many college students dream of but worry about how to fund it. Your student loan funds can be a lifesaver in this scenario by covering the cost of your studies abroad program and the associated living and travel expenses.

4. Dependent Care Expenses

Balancing parenthood and school is challenging enough without worrying about how to pay for childcare during class hours. Many lenders allow students with dependents to use their student loans to cover daycare or babysitter costs while they attend classes or study.

5. Professional Licensing Exams

In some fields (e.g., nursing or teaching), obtaining a professional license is a requirement before
working in your chosen profession. The associated exam fees can often burn a hole in your pocket. Luckily, many student loan providers will let you use your loan funds to cover these essential costs.

6. Computers and Technology

In today’s tech-driven world, having a reliable computer and necessary software is crucial for your academic success. Some student loans will allow you to use your borrowed funds to invest in a quality laptop, software applications, and other technology tools that will support you throughout your education.

Conclusion

Student loans are often seen as a burden, but they can undeniably cover a variety of useful expenses during your college years. Knowing what’s permissible can allow you to make the most of these funds and help reduce the financial stress associated with pursuing higher education.Explore all the possibilities and make sure to use your student loans wisely to set yourself up for success in your academic journey.