Is My College Housing Covered by Financial Aid?

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College costs involve far more than just tuition, and some of those other expenses can be substantial. Housing, for example, often costs more than tuition.

Thankfully, financial aid does cover housing. And you have a few other options to help with the costs, too.

Here’s what you need to know about paying for housing with financial aid:

Financial aid can cover up to the cost of attendance
Average cost of housing on campus
You could save money by living off campus
FAFSA housing plans
Use private student loans to fill the gaps

Financial aid can cover up to the cost of attendance

You can use financial aid to cover your school’s cost of attendance, which could include both on-campus and off-campus housing. But limits apply to the amount of financial aid you can get. Your financial aid award also might not be enough to cover the full cost of attendance.

To apply for financial aid, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA). The federal Department of Education uses the information you provide on the FAFSA to calculate your Expected Family Contribution (EFC) — which is how much your family is expected to contribute to your education. Your college will use your EFC, and other factors, to decide how much financial aid to offer you.

After you submit the FAFSA, your school will send you a financial aid award letter. This letter will detail the financial aid you qualify for, such as:

Federal college grants
Federal student loans
School-specific awards, such as college scholarships

How much financial aid can I get?

Generally, the fewer assets you or your family have, the more financial aid you might be eligible for. This will also depend on whether you’re an independent or a dependent student.

For example, if you’re a dependent student and your parents used a 529 plan to save for your education, you might receive less financial aid. Or if you’re an independent student with no assets, you might be eligible for more.

Also keep in mind that some aid is given on a first-come, first-served basis — so it’s a good idea to submit the FAFSA as early as possible, especially if you have high financial need.

If you’re taking out student loans, find out how much you’ll owe over the life of your federal or private student loans using our student loan calculator below.

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With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan, assuming you're making full payments while in school.

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Learn More: How to Qualify for Financial Aid

Average cost of housing on campus

The cost of college and of living on campus varies widely depending on your school and your area.

For example: You’ll pay $11,910 for on-campus housing at Northern Michigan University (a public university) and $10,000 at Carnegie Mellon University (a private university).

Every school publishes its own cost of attendance estimating how much it will likely cost you to attend. This generally includes:

Tuition and fees
Room and board
School supplies, such as college textbooks
Transportation

Keep in mind: Some schools’ cost estimations are more detailed than others.

For example, one school might publish different costs based on your living situation (such as on or off campus) while another won’t.

Check Out: When to Apply for Student Loans

Save money by living off campus

You also have the option of living off campus, which could be less expensive than on-campus housing depending on the apartment you choose as well as geographical location.

In this case, your school will use your financial aid to first cover your tuition and fees before releasing any leftover funds to you. You can then use this money to pay your off-campus rent.

However, if you’re considering on-campus versus off-campus housing, keep in mind that living off campus comes with its own drawbacks. These include:

Finding the apartment you want
Potentially dealing with roommates (or paying more rent if you don’t want roommates)
Keeping track of bills
Needing transportation to school
Possibly missing on-campus social activities

Learn More: Federal vs. Private Student Loans

FAFSA housing plans

When filling out the FAFSA, you may have come across questions pertaining to the type of housing plan for each of the schools you’ve listed. These are On Campus, With Parent, and Off Campus. You must select one for each school you’re considering attending.

Does FAFSA give me more money if I live off campus?

No, selecting Off Campus does not give you more money if you decide to live off campus. For some colleges, a student’s financial aid eligibility is determined by a standard room amount. For example, the amount for the University of Notre Dame is $16,710 per student. Choosing any option won’t affect the amount of money you’ll receive.

Use private student loans to fill the gaps

If you’ve exhausted your financial aid and federal student loan options, private student loans could help fill any gaps. You might be able to borrow more in private student loans than in federal student loans, typically up to the cost of attendance.

But remember to borrow only what you need to keep your future costs low — especially since these loans aren’t eligible for federal repayment assistance like loan forgiveness.

Keep in mind: Unlike federal student loans that come with strict application deadlines, a big advantage of private student loans is that you can take them out at any point during the semester. It’s also a good idea to apply as soon as you know you need the loan funds.

If you decide to take out private student loans, be sure to consider as many lenders as possible to find the right loan for you.

Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.

Lender	Fixed rates from (APR)	Variable rates from (APR)	Loan amounts
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.89%+¹⁰	3.99%+¹⁰	$2,001* to $400,000
Fixed APR: 2.89%+¹⁰ Variable APR: 3.99%+¹⁰ Min. credit score: Does not disclose Loan amount: $2,001* to $400,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: 0.25% to 1.00% automatic payment discount, 1% cash back graduation reward Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 on-time principal and interest payments Loan servicer: Launch Servicing, LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.24%+¹	4.48%+	$1,000 to $350,000 (depending on degree)
Fixed APR: 3.24%+¹ Variable APR: 4.48%+ Min. credit score: 720 Loan amount: $1,000 to $350,000 Loan terms (years): 5, 10, 15 Loan types: Any private or federal student loan Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner) Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Firstmark Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.74%+^2,3	3.89%+^2,3	$1,000 up to 100% of the school-certified cost of attendance
Fixed APR: 2.74%+^2,3 Variable APR: 3.89%+^2,3 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 5, 8, 10, 15, 20 Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After half of the scheduled repayment term has been completed Loan servicer: College Ave Servicing LLC ^{Learn more about cosigner release requirements. Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.}
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.85%+	3.66%+	$1,000 to $99,999 annually ($180,000 aggregate limit)
Fixed APR: 2.85%+ ¹¹ Variable APR: 3.66%+ ¹¹ Loan amount: $1,000 to $99,999 annually ($180,000 aggregate limit)¹¹ Loan terms (years): 7, 10, 15¹¹ Repayment options: Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay¹¹ Eligibility: Available to borrowers in all 50 states. Must be a U.S. citizen or permanent resident. Customer service: Phone, email Soft credit check: Yes Cosigner release: After 36 months¹¹ Loan servicer: American Education Services Min. income: $1
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.0%+⁷	7.34%+⁷	$1,000 to $200,000
Fixed APR: 6.0%+⁷ Variable APR: 7.34%+⁷ Min. credit score: 750 Loan amount: $1,000 to $200,000 Loan terms (years): 7, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have a minimum income of $30,000. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.34%+⁸	6.78%+⁸	$1,001 up to 100% of school certified cost of attendance
Fixed APR: 4.34%+⁸ Variable APR: 6.78%+⁸ Min. credit score: 670 Loan amount: $1,001 up to cost of attendance Loan terms (years): 5, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance Fees: Late fee Discounts: Autopay, reward for on-time graduation Eligibility: Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 12 months Loan servicer: American Education Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.29%+	N/A	$1,500 or $2,000 up to school’s certified cost of attendance (depending on school type and minus other aid received)
Fixed APR: 3.29%+ Variable APR: N/A Min. credit score: 670 Loan amount: $1,500 up to cost of attendance less aid Loan terms (years): 10, 15 Repayment options: Full deferral, interest only, immediate repayment, academic deferral, forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services (AES)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.890%⁹ - 17.49%⁹	3.87%⁹ - 16.50%⁹	$1,000 up to 100% of school-certified cost of attendance
Fixed APR: 2.890%⁹ - 17.49%⁹ Variable APR: 3.87%⁹ - 16.50%⁹ Min. credit score: Does not disclose Loan amount: $1,000 up to 100% of school-certified cost of attendance Loan terms (years): 10 to 20⁹ Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee, non-sufficient funds (NSF) fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner. Customer service: Phone, chat Soft credit check: Yes Cosigner release: Borrowers can apply after graduation, 12 consecutive on-time principal and interest payments, and meeting certain credit requirements. Loan servicer: Sallie Mae
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available \| ¹⁰Ascent Disclosures \| ¹Citizens Disclosures \| ^2,3College Ave Disclosures \| ¹¹Custom Choice Disclosures \| ⁷EDvestinU Disclosures \| ⁸INvestEd Disclosures \| ⁹Sallie Mae Disclosures