Can I Use Student Loans to Buy a Computer?

You may wonder what you can you pay for with student loan money. Can you use student loans to buy a computer? Yes, you can in fact use student loans to pay for a computer.

You can use student loans to pay for a new computer since it is a pretty essential tool for college. You can also use your student loans to purchase software and internet access as well.

Just because you can use student loans to buy a computer, doesn’t mean you should opt for the most expensive, top-of-the line computer with all the bells and whistles. Any amount you borrow, you will need to pay back, plus interest. Every dollar you borrow will cost you about two dollars, so consider whether you would buy the computer at twice the price. 

Consider what you are using the computer for and what is an essential feature. Ask about student discounts at the store. Many computer brands and software brands offer a discount for students.

Although the purchase of a personal computer is included in the cost of attendance, most colleges will limit a student to purchasing a computer once every four years, except when the computer has been lost or stolen. You may be required to provide a receipt.

Below is what you can pay for with student loans: 

• Tuition and fees
• Textbooks and other books required for a course
• School supplies and equipment
• Any other course materials
• Professional licensing and certification fees
• Study abroad costs
• A personal computer, peripherals, software and Internet access
• Loan fees, including origination fees and guarantee fees
• Living expenses, such as rent, utilities, and transportation