A few days ago

can a student live off federal loans i know it pays your tuition what can you spend the money on?

iam planning too attend school in the fall what happens if i change my mind and go in january. when i receive my finanical aid award letter will it change or stay the same when i decide too go since its a new semester

thank you for your advice

Top 2 Answers
A few days ago

Favorite Answer

It will change you will receive half of what you would for the academic year. If you don’t go in the fall then that allocation is gone but your spring will be there.

About federal loans, you can only spend the money on education i.e. books, fees, stuff you’ll need for school. So no buying a car, rent, or other non-school related stuff.


A few days ago
Financial aid is for going to school on, (generally college). If you budget right you can live on it although a very tight budget.

The MOST important thing is that you must be going to school, IE: taking classes the same amount of time that you applied for your student loans or you will have to pay them back right away.

I repeat, you must be going to school if applying for student loans full time, (12 credit hours or more), Part time etc. Then you must attend that amount of time to keep getting the student loans and grants.

You cannot get the student loans only for living expenses! You must be attending college the stated amount of time or you may not be able to get loans and grants anymore!!!

Sorry for the bad news, but that’s the truth!