<p>Does anyone know if it's possible to pay rent for an apartment using a private student loan (e.g. from Sallie Mae)? Rent is $500/month (plus utilities); first and last month's will already be paid prior to moving in for the duration of the lease the cost will be $5000 (plus utilities). I don't know if I'll be quite able to afford the $500 every month so taking out a student loan may be the only option.</p>
<p>Is this possible? From what I understand, when you have loans that exceed the costs you owe to Temple, they send you a check for the extra amount. So would I just take out a ~$5000 loan and then they would pretty much just convert that into a check for my rent? Since I clearly don't owe any more tuition, would they think that it's odd that all of a sudden this loan shows up that they have to pay me in full? Can I even take out a loan for rent since off campus housing isn't affiliated with Temple at all? I don't really know how this works so if anyone has any insight or if you can answer any of these questions, please help!</p>
<p>Yes, what you’re describing is how it works. I used my student loan overage to pay off-campus rent long, long ago. Be aware that it takes a while (sometimes a long while) to get the excess disbursed, so you need to be prepared to pay rent until then.</p>
<p>So even if my bill after grants, scholarships, etc. is $0, they won’t make a fuss if a $5000 loan all of a sudden shows up when I seemingly don’t owe them anything?</p>
<p>They’re familiar with the concept of students living off campus.</p>
<p>One more question, if you know the answer! Would I be able to do this at any point during the semester, or do they only give you the refund before a certain date?</p>
<p>[Temple</a> University Undergraduate Bulletin - Financial Aid](<a href=“http://www.temple.edu/bulletin/enrolling/financial_information/financial_aid/fininfo_financial_aid.shtm]Temple”>http://www.temple.edu/bulletin/enrolling/financial_information/financial_aid/fininfo_financial_aid.shtm) says, "Applicants are notified of aid eligibility by letter or electronic letter after applications have been reviewed. Financial aid may consist of a combination of grant, loan, and/or work assistance.</p>
<p>Recipients receiving aid in excess of institution charges will receive a refund. Checks are issued according to the university’s established schedule, starting just prior to the first week of classes each semester. Students are encouraged to sign up for direct deposit to expedite the receipt of refund payment. This can be done online via the TUportal."</p>
<p>You might ask what the schedule is, but I can’t imagine they don’t disburse refunds throughout the year.</p>