If you’re a student, you may be able to use your financial aid to pay your mortgage payments while you are still in school.

Financial aid can include student loans, grants, scholarships, stipends, and work-study programs. Scholarship money is a great source of financial aid and it can save students from having to borrow for school — or at least to keep student loans at a minimum. For example, if you receive a $10,000 scholarship and pay it toward the $20,000 tuition, then you won’t owe taxes on the money. Unlike loans, you won't have to spend years repaying a scholarship after graduation. If you’re a student, you may be able to use your financial aid to pay your mortgage payments while you are still in school. A scholarship is usually an amount a student receives to help in the pursuit of studies. Does Financial Aid Cover Apartments? If you receive a refund of leftover amounts of the grant, you can use it to help pay for your other living expenses. You can ask them if you can use extra money for room/board. To use that money for things outside the scope of the award may lead to the revocation of your scholarship money, which is definitely not something that you want to happen. Most of the students today choose to live off-campus during their college days, either due to save money or to have some privacy. But it is extremely rare that anyone gets so many scholarships that there is money left over. Some scholarships limit what you can spend the money on. Be sure that you maximize all of … Before anything you need to either look at the documents that came with the scholarship/loan for the terms, and if it does not state I would contact the people that gave you the scholarship itself. I pay for my rent for school with scholarship money I receive where do i deduct that? Other scholarships may cover partial room and board. If you and your child would like to learn more about how to get started with scholarships, including how scholarships can be used to manage student housing costs, sign up for our free college scholarship webinar!It’s a great way to learn about the process and how your … What will happen to funds the college is holding that I don't use? However, scholarships follow different rules than grants and loans. The student can be either: ... You use the full scholarship for nonqualified expenses. Thank you to everyone with advice, and anyone who read the early post I accidentally made with my fat fingers. For example, you might be able to use the scholarship only for the expenses billed directly by the college. The money is meant to make your life easier and can be spent on anything that you want to spend it on. Or only for certain costs, such as tuition and fees, but not room and board or books and supplies. Q: Can financial aid or student loans be used to pay rent on an apartment? Avoid spending it on other expenses that are not related to your living expenses; you may be required to pay back the money if you are found to have misused the grant funding. You can then use this money to pay for an apartment. For example, a scholarship may pay for a particular amount of food each week or semester. Scholarships can seriously ease the burden on college students.