Savanna Hoffman
Textbooks are a hidden cost of college, and they are so expensive that 65% of students surveyed by the U.S. Public Interest Research Group (PIRG) Education Fund skipped buying them despite knowing it would affect their academics. Thankfully, federal and private student loans can be used to pay for textbooks, which are considered an essential educational expense. However, it is important to note that spending loan money on non-essential purchases will result in more interest, and there may be penalties for spending loan money on non-school items.
| Characteristics | Values |
|---|---|
| Use federal student loans to pay for books | Yes |
| Use private student loans to pay for books | Yes |
| Use student loans to pay for other educational expenses | Yes |
| Use student loans to pay for non-educational expenses | No |
| Use student loans to pay for tuition | Yes |
| Use student loans to pay for room and board | Yes |
| Use student loans to pay for meal plans | Yes |
| Use student loans to pay for off-campus housing | Yes |
| Use student loans to pay for rent, utilities, and renters insurance | Yes |
| Use student loans to pay for transportation | Yes |
| Use student loans to pay for study abroad costs | Yes |
| Use student loans to pay for childcare costs | Yes |
| Use student loans to buy a car | No |
| Use student loans to pay for gym fees | No |
| Use student loans to pay for entertainment | No |
| Use student loans to pay for clothing and shopping | No |
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What You'll Learn
Federal student loans can be used to pay for textbooks
Textbooks are an essential but often overlooked expense when it comes to budgeting for college. According to the College Board, the average student for the 2018-2019 school year spent $620 per semester on books and supplies. This expense can be even higher, with some sources estimating that textbooks can cost up to $1,240 per year.
If you are using federal student loans, the amount you are awarded is based on your school's Cost of Attendance (COA) minus other financial aid. Federal student loans often have low-interest rates and more favourable repayment terms than private loans, and the government may even pay the interest during deferment periods depending on the loan type.
It is important to note that while you can use federal student loans to pay for textbooks, there may be more cost-effective options. Textbooks can be rented or bought used, and grants and scholarships are also available to help cover the cost of textbooks. Additionally, some schools provide bookstore vouchers to students who are expecting a refund after tuition and fees are paid, allowing them to buy textbooks before receiving their refund.
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Private student loans can be used for textbooks
Textbooks are a necessity for students, but they can be expensive. According to the U.S. Public Interest Research Group (PIRG) Education Fund, 65% of students surveyed said they skipped buying textbooks due to the cost, despite knowing it would affect their academics. Textbooks and supplies cost an average of $1,240 per year at four-year universities.
Private student loans can be used to pay for textbooks, in addition to other educational expenses such as tuition, room and board, and supplies. Private student loans can be taken out by undergraduates, graduate students, and parents. They can be used to cover the full cost of attendance, including textbooks.
While private student loans can be used for textbooks, it's important to consider the interest rates and repayment terms. Private student loans typically have higher interest rates than federal loans, which can increase the overall cost of the textbooks. It's recommended to maximise federal student loans before taking out private loans. Federal loans often have lower interest rates and more favourable repayment terms.
When using private student loans for textbooks, it's essential to compare lenders carefully. Some lenders may offer faster disbursement timelines, while others may require borrowing larger amounts. It's also important to check with the school's financial aid office for guidance on allowed expenses and the disbursement process.
It's worth noting that there are alternative options to private student loans for covering textbook costs. These include scholarships, grants, work-study programs, and part-time jobs. Additionally, students can save money by renting textbooks, buying used books, or selling books back at the end of the semester.
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Scholarships can help pay for textbooks
Textbooks are a hidden cost of college, and they can be expensive. According to the College Board, textbooks and supplies cost an average of $1,240 per year at four-year universities. In a study released by the U.S. Public Interest Research Group (PIRG) Education Fund, 65% of responding students said they skipped buying textbooks because of the steep cost, even though they knew it would affect their academics.
Scholarships can help students pay for textbooks. For example, the Proyecto H.A.C.E.R. Initiative's scholarship is for high school seniors in New Jersey. Winning students receive between $750 and $1,250 to pay for textbooks and other supplies. The Wilhelmina Foundation helps students in Florida afford their textbooks, with qualifying students receiving $500. The Passageway Scholarship Foundation helps neglected and delinquent students reach their educational goals, and Women in Higher Education grants its own book scholarships to female college students. Florida International University has a partnership with Barnes and Noble to help students pay for textbooks. The American Association of University Women (AAUW) is another non-profit organization that offers financial support to female students, with scholarships that can be used to pay for textbooks.
Students can also use federal or private student loans to pay for textbooks. However, federal student loans have limitations. Only U.S. citizens and qualifying non-residents are eligible for federal loans, and there are strict limits on how much can be borrowed per year and over a lifetime.
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Grants can be used to pay for textbooks
Textbooks are one of the hidden costs of college, and they can be very expensive. Scholarships and grants are specifically designed to pay for your books. For example, the Bold Great Books Scholarship awards $500 to winning students to use toward textbooks. Every quarter, BookScouter awards $500 to a qualifying student to purchase textbooks. The Proyecto H.A.C.E.R. Initiative’s scholarship is for high school seniors in New Jersey, and winning students receive between $750 and $1,250 to pay for textbooks and other supplies. The Wilhelmina Foundation is available to students in Florida, and qualifying students receive $500 to help offset the cost of books.
You can also use federal and private student loans to pay for textbooks. If you take out federal or private student loans, you can use a portion of your loans to pay for your books. Federal student loans often have low-interest rates, more favourable repayment terms, and borrower protections than other forms of debt. However, only U.S. citizens and qualifying non-residents are eligible for federal loans. For undergraduate student loans, there are strict limits on how much can be borrowed per year and over a lifetime.
If you need private loans to cover textbook costs, compare lenders carefully. Some may offer faster disbursement timelines, while others require you to borrow larger amounts instead of just enough for books. For example, College Ave and Citizens Bank are known for their fast approval and disbursement processes, sometimes issuing funds within a few business days. On the other hand, some lenders have higher minimum loan amounts, which might not be ideal if you only need to cover books.
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Work-study and part-time jobs can help pay for textbooks
Textbooks are a hidden cost of college, and they can be expensive. Thankfully, there are ways to help you pay for them, including work-study and part-time jobs.
The federal work-study program allows students to earn money through part-time work. This is a government-funded program that gives students the opportunity to earn financial aid. While not all schools offer this opportunity, there are 3,400 colleges and universities that do. The average work-study participant earns $1,500 for the academic year, but you must work enough to earn it. Work-study jobs can help you sharpen skills such as organization, communication, swift problem-solving, and leadership, and they can provide valuable work experience.
Some employers offer part-time jobs that provide tuition assistance or reimbursements for educational materials such as textbooks. For example, Amazon.com Inc.'s Career Choice Program reimburses up to 95% of the cost of required books for those enrolled in a qualifying degree program. Starbucks partners with Arizona State University through its College Achievement Plan, which allows employees to earn an undergraduate degree online. Pizza Hut and White Castle have launched similar programs.
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Frequently asked questions
Yes, you can use both federal and private student loans to pay for books.
Aside from student loans, you can pay for books using scholarships, grants, or savings.
Your loan funds will typically be disbursed to your school to cover tuition, fees, and room and board. Any remaining funds will be refunded to you, which you can then use to purchase books.
Textbooks can be very expensive, but there are ways to save money. You can shop around for deals from online booksellers, rent your textbooks, buy them used, or sell them at the end of the semester. You can also check with your professors to see if older editions of the textbooks are acceptable.
Student loans are meant to be used for educational expenses. Aside from books, you can use your loan money for tuition, room and board, school supplies, transportation, and study abroad expenses.
