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How to Use Student Loans for Living Expenses
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How to Use Student Loans for Living Expenses
How to Use Student Loans for Living Expenses

CommonBond: Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate.

Splash Financial: Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval

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Earnest: To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: Not all applicants will be approved for a loan, and not all applicants qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest's fixed-rate loan rates range from 3.89% APR (with autopay) to 7.89% APR (with autopay). Variable rate loan rates range from 2.50% APR (with autopay) to 7.27% APR (with autopay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms of 10 years or less. For loan terms of 10 to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed % (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 0.26% and 5.03% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of and are subject to change based on market conditions and borrower eligibility.

Auto Pay Discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of . Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.

Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit e-mail us at , or call 888-601-2801 for more information on our student loan refinance product.

Borrowing money to pay your tuition is straightforward: you have a set dollar amount that must be paid to the school for each year of attendance. But borrowing money for living expenses can get more complicated. It's important to fully understand how you'll receive your money, what type of loan you should apply for, and how much money you really need to borrow.

Subsidized Loans

While it isn't uncommon for students in costly degree programs to take out multiple loans, your first choice should be to try and qualify for a subsidized loan. This is because, with subsidized student loans, the government helps pay the interest and offers more flexible repayment plans.

Unsubsidized Loans

Unsubsidized loans can also be used to help pay for living expenses. While the loans are typically not as beneficial as subsidized, there is no difference as far as how the money can be spent and the disbursement of funds based on the CoA. It may be wise to learn all the differences between subsidized and unsubsidized loans before applying.

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