When you take out student loans, you may have the opportunity to borrow more than you actually need for tuition, fees, books, and room and board. It can be tempting to ask for extra money to cover other costs associated with going to school — but it usually isn’t a great idea. That’s because student loans can be very costly. The bigger they get, the more time it takes to pay them off, and the more expensive they become.
In simple terms, it’s okay to use your loans to cover things that will have a long-term benefit, such as the cost of your degree and basic room and board. It’s generally not a good idea to borrow for things that will be consumed very quickly, like Saturday-night pizzas, munchies, adult beverages (of course, we’re referring to fancy coffee drinks), or concert tickets. Continue reading
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