Student Loans for Housing?

I go to the University of Memphis and I have a full scholarship that pays for my entire tuition and dorm. Then, I have the HOPE TN Lottery Scholarships which is $4000/yr and pays for my meal plan (about $630/semester). I don't want to live in the dorm the rest of my undergrad years, but free is nice. Would it be wise to take out a student loan so I can live off campus in either an apartment or house with my friend? And how hard are student loans to pay back? I've come this far without having to take one out and I'm not really sure I want to. I forgot to mention that the scholarship I have is different from others. It only covers the cost of tuition and the dorm, but not the meal plan. And I do get a refund from excess scholarship money, but if I leave the dorm, then I will not get the extra housing money that goes towards the dorm.

Asked By: Emily Z - 7/22/2007
Best Answer - Chosen by Asker
I work as a loan advisor for Nelnet... More
Answered By: Daniel - 7/22/2007
Additional Answers (1)
room and board is included in your schools cost of attendance. see: More
Answered By: Sarah - 7/22/2007
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