{"id":1462,"date":"2024-01-01T21:21:00","date_gmt":"2024-01-01T21:21:00","guid":{"rendered":"https:\/\/southern.confiedevstg.com\/blog\/?p=1462"},"modified":"2024-03-08T21:00:01","modified_gmt":"2024-03-08T21:00:01","slug":"student-loans-and-georgia-living-expenses","status":"publish","type":"post","link":"https:\/\/southern.confiedevstg.com\/blog\/renters\/student-loans-and-georgia-living-expenses\/","title":{"rendered":"Can You Use Student Loans for Living Expenses in Georgia?\u00a0"},"content":{"rendered":"
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Yes! You can use your student loan to pay certain living expenses. Just keep in mind the keyword \u201cessential\u201d when determining which expenses can be paid for with the college educational loan you secured for yourself or a loved one.<\/span>\u00a0<\/span><\/p>\n

In addition to direct payments to your chosen Peach State Institute of Higher Learning, such essential expenditures include your meals, transportation, lodging, and even the<\/span> renters insurance<\/span><\/a> on your apartment or dorm room. We\u2019ll break it down in greater detail, but let\u2019s start with the basics.<\/span>\u00a0<\/span><\/p>\n

What Is a Student Loan?<\/span><\/b>\u00a0<\/span><\/h2>\n

It\u2019s a federally backed loan made available to qualified students so they can afford to attend college or an accredited trade school. These loans cover the costs directly associated with the educational program, such as tuition and fees, dorm rental, and the cost of textbooks, and other materials needed for the classes you take.<\/span>\u00a0<\/span><\/p>\n

Do Student Loans Cover Living Expenses?<\/span><\/b>\u00a0<\/span><\/h2>\n

Living expenses are covered, as long as they are necessary. So, that Friday night at the college hangout? Not covered! Fuel for the car? Yep, covered!<\/span>\u00a0<\/span><\/p>\n

Essential Expenses<\/span><\/b>\u00a0<\/span><\/h3>\n

There\u2019s that word again: essential. If you go away to a Georgia college or a trade school, <\/span>you must live somewhere<\/span><\/a>. Whether that\u2019s in a university dorm room or an off-campus apartment, your student loan will help pay for it.<\/span>\u00a0<\/span><\/p>\n

It will also cover transportation costs such as gasoline and school parking, bus fees, and your vehicle\u2019s maintenance and repair bills.<\/span>\u00a0<\/span><\/p>\n

Your meals are covered, too. And even childcare costs while you\u2019re at school, studying, or working. Think of any cost that\u2019s unavoidable to your college experience and it might well be covered by your educational loans.<\/span>\u00a0<\/span><\/p>\n

So What Expenses Are <\/span><\/b>Not<\/span><\/i><\/b> Essential?<\/span><\/b>\u00a0<\/span><\/h3>\n

Sometimes borrowers can go too far with a covered expense, to the point where it\u2019s no longer essential or legitimately paid by your student loan. For example, food through your school\u2019s meal plans is covered, as well as grocery store visits and reasonably priced restaurant meals if you live off campus. However, nightly dates at the city\u2019s fanciest eatery are not covered. Neither is what you\u2019d pay for bar or nightclub outings with your school friends or roommates.<\/span>\u00a0<\/span><\/p>\n

Your transportation costs are similarly controlled. While you can use your loan in various ways to get to and from school or your after-school job, this does not include buying a new car or motorcycle. You might also get in trouble if you take an expensive cab ride daily when you could easily take a local bus or even walk to and from your classes.<\/span>\u00a0<\/span><\/p>\n

\"Young<\/p>\n

Renters Insurance Is Considered a Valid Expense<\/span><\/b>\u00a0<\/span><\/h3>\n

Renters insurance helps cover loss of personal property and physical damage. <\/span>Your apartment is burglarized<\/span><\/a>. Or your dorm room suffers smoke damage from a fire in another unit. In both scenarios, your cell phone and laptop are lost or severely damaged. What now?<\/span>\u00a0<\/span><\/p>\n

How can you accept, complete, and turn in assignments, or contact your instructors without your pricey electronics devices? What if it takes you weeks or even months to earn the money to replace the technology you lost?<\/span>\u00a0<\/span><\/p>\n

There\u2019s very little wait for a cash settlement if you have renters insurance.<\/span>\u00a0<\/span><\/p>\n

Here\u2019s another scenario to consider: <\/span>you throw a party<\/span><\/a> at your place and someone gets injured. Your renters insurance can cover your guest\u2019s medical bills and even your attorney costs, if there\u2019s a lawsuit for damages.<\/span>\u00a0<\/span><\/p>\n

Despite all of this critical financial protection, renters insurance in Georgia only costs, on average, about $16 a month. Here\u2019s some more good news. Even that small amount can be legitimately paid out of your college loan.<\/span>\u00a0<\/span><\/p>\n

So don\u2019t take even the smallest risk of sidetracking your education and your future by a fire, burglary, burst water pipe, or other unplanned and potentially very expensive calamity. Invest in renters insurance on an apartment or dorm room even before moving day.<\/span>\u00a0<\/span><\/p>\n

Will My Student Loan Be Tracked or Audited?<\/span><\/b>\u00a0<\/span><\/h2>\n

Probably not. That\u2019s both the good and the potentially bad news. The good news is obvious: you won\u2019t have the government constantly looking over your shoulder and challenging every expenditure, and you\u2019re unlikely to be penalized for an honest mistake or two.<\/span>\u00a0<\/span><\/p>\n

The bad news is that this lack of oversight can result in spending abuse that only hurts the borrower. Consider that there\u2019s a lifetime limit on the amount that can be borrowed through such federal-backed funding. If you\u2019ve maxed out your borrowing capabilities by, let\u2019s say, year two of a four-year program, you might need to leave school without earning your degree. Now your future\u2019s at risk.<\/span>\u00a0<\/span><\/p>\n

Also, keep in mind that you\u2019re not getting \u201cfree\u201d money. Since it\u2019s relatively easy to secure a student loan, and the interest rates are low, some borrowers might spend freely now without really thinking of tomorrow. But you\u2019ll be expected to pay back the amount you borrow, with interest, once you leave school. The more you borrow, the longer you\u2019ll be in debt and the more you\u2019ll have to pay when the loan comes due.<\/span>\u00a0<\/span><\/p>\n

Therefore, avoid borrowing more than necessary to get you or your loved one through the college or trade school years. By maintaining strong self-discipline when it comes to spending your loan money, your future will be brighter. You\u2019ll have your diploma or certification for good jobs, and fewer outstanding debts that might put a serious drag on your finances.<\/span>\u00a0<\/span><\/p>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n\n

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Affordable Renters Insurance in Georgia for the College Years\u00a0<\/h2>\n\n
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Your Georgia educational years are sure to involve plenty of obstacles and challenges. Money is perpetually tight, and there never seems to be enough hours in the day for your various commitments and responsibilities.<\/span>\u00a0<\/span><\/p>\n

You don\u2019t need to add to those problems and create even more of a financial pinch with an apartment that\u2019s been broken into or suffered fire, smoke, water damage, or other not-so-rare calamity.<\/span>\u00a0<\/span><\/p>\n

Renters insurance helps keep students financially secure at a very affordable rate. Speak with an independent renters insurance agent from Georgia\u2019s Southern Harvest Insurance to learn more. Just call Southern Harvest Insurance at <\/span>(877) 831-4677<\/span><\/a>, or find a Southern Harvest Insurance office <\/span>near you<\/span><\/a> in the Peach State. You can also get a<\/span> renters insurance quote online<\/span><\/a>.<\/span>\u00a0<\/span><\/p>\n <\/div>\n