Why Living Off-Campus is a Better Option?

25th marzo 2022

Why Living Off-Campus is a Better Option?
Posted by Frank Gogol
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If you are an immigrant in the U.S. and are exploring cost-effective accommodation options, this article is for you. Here, we will have a closer look at the benefits of living off-campus, along with the various ways through which you can get accommodations on rent.

Staying in the dorm is usually seen as a part of the whole experience of https://getbadcreditloan.com/payday-loans-me/ being a college student. However, a very small percentage of students actually do this. International students or those who are immigrants in the US prefer to secure lodgings off-campus.

The biggest reason is that college dorms are very expensive and quite difficult for immigrant students to afford. If you are able to arrange a place off-campus, you will actually be able to cut down on many unnecessary costs as well. For example, you will not need to pay for the college meal plan as you can cook, avoiding extra expenses and wastage.

Can Student Loans be Used to Pay Rent?

Since the costs of a dorm in colleges are quite high and it might include other avoidable costs, students can use their loans to rent an apartment off-campus. However, before you do so, you should consider the overall expenses and exactly how your loans will be able to cover them.

How to Use Student Loans to Rent an Apartment?

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Depending upon the type of loan, the loan amount will either be disbursed to you directly or it will go to your college from where you will receive the funds after the tuition costs have been subtracted.

The steps to secure a student loan and use it to lease an apartment, especially for an immigrant student, are given below.

Apply

Apply for a loan that will benefit you the most. If you decide on a federal loan, then fill out a Free Application form which will be available with your college's financial aid office. You can opt for a private student loan but that might have higher interest rates.

Review

Review the loan award letter carefully after receiving it. Decide which loans will pay for the living and tuition costs and select them. Make sure that the loan covers all your apartment rent and other associated costs completely.

Search

Search for an appropriate apartment once the loan is disbursed. Fill out a rental application form at the leasing office and provide all the details about your student loan.

Sign the agreement to secure the lease and make all the necessary payments. Make sure you pay the rent on time so that you do not have to deal with any fines. You can put your loan money in a separate account so that you do not accidentally use it for other expenses.

Best Student Loans for Apartments

International students or immigrants studying in US colleges are often confused about which loans to apply for. If you are one such student who is having difficulty in choosing a loan, take a look at the following options.

Stilt

Stilt offers student loans to immigrant or international students at very low-interest rates, all you need to have is a valid visa. Stilt will take your current employment status, education, financial stability, defaults or bankruptcies, and credit score into consideration when you apply.

Lending Point

If you need to secure small, accidentally, then Lending Point is a good option. They will make sure that the payments are within your budget and there will be no prepayment penalty involved.

Avant

If you have a good credit score, Avant could prove to be an ideal option to secure loans. All you need to do is choose the suitable loan option, sign the agreement, and the money will be transferred to your account the very next business day!