Janice Lozano
As a full-time graduate student, paying rent can be challenging. While student loans can be used to pay for rent, they may not always cover the full cost, especially when considering the varying rental costs across cities. Additionally, landlords typically prefer tenants with stable incomes and may require additional security deposits or rent paid upfront. To navigate these challenges, graduate students can explore options such as living on campus, finding roommates to share expenses, seeking assistantships or part-time jobs, applying for grants and scholarships, or relying on family support. Planning ahead and consulting with the school's housing department can help identify the best approach to securing suitable accommodation within financial means.
| Characteristics | Values |
|---|---|
| Student loans | Can be used to pay rent, but may not be enough for the entire semester or academic year |
| On-campus housing | Often the most affordable option |
| Off-campus housing | Likely to receive a larger loan amount, but may need to take out a private loan if federal aid is insufficient |
| Part-time employment | Can help cover rent costs, especially before loan disbursement |
| Guarantors | May be necessary if you cannot pay rent upfront or provide additional security |
| Sublets | An option if you cannot sign a lease |
| Roommates | Sharing living space can reduce rent costs |
| Grants, scholarships, and bursaries | Can help cover rent costs |
| Institutional funding | Some graduate programs may provide funding through teaching or research assistantships |
| Family support | Financial support from family can help cover rent costs |
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What You'll Learn
Student loans
If you plan to live off-campus, you should carefully review the terms of your loan agreement. Federal student loans typically allow for "living expenses," which include rent, but private lenders may have varying policies and limitations. Additionally, the Cost of Attendance (COA) determined by your school will impact the loan amounts you can receive. It is crucial to ensure that you do not borrow too much or too little to cover your rent and other expenses.
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Part-time work
According to research published in The Atlantic, almost 76% of graduate students work at least 30 hours per week, and an estimated one in five graduate students help support a spouse and children. Some students secure a job to fulfil degree requirements or strengthen their resumes. Working students tend to take out fewer student loans than their non-working peers. On-campus jobs may come with tuition discounts or stipends that provide valuable benefits alongside a paycheck.
There are a variety of part-time jobs that graduate students can consider. For example, tutoring, writing jobs, editing gigs, customer service roles, and ride-sharing apps offer flexible scheduling and can often be done remotely. Graduate students can also work for their universities or as independent contractors. Some universities offer graduate research assistantships or teaching assistantships that can provide funding for rent. Additionally, students with crossover skills, such as content writing or web development, may find part-time work in their eventual industry. For instance, an engineering firm might need a blogger and social media manager, which could be an ideal role for a future engineer.
Students can also consider part-time work in hospitality, such as a night auditor role, which involves basic bookkeeping, paperwork, and guest services. These roles can provide valuable experience and help students align their work with their degree's academic emphasis.
It is important to note that rental costs vary from city to city, and on-campus housing may be the most affordable option. Students should plan ahead and ensure they have enough financial aid to cover tuition, fees, and rent. While student loan money can be used to pay for rent, it is important to remember that every dollar spent will have to be repaid with interest.
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Grants, scholarships, and bursaries
Scholarships, grants, and bursaries are a great way to fund your graduate studies and living expenses without having to take out loans. These are essentially free money that you don't have to pay back, and they can make a huge difference in your student budget. Here are some tips and suggestions for securing these additional funding sources:
Scholarships:
Scholarships are often awarded based on merit, academic achievement, or financial need. Many scholarships are specifically designed for graduate students, and some even cover all tuition expenses. Start by contacting your school's financial aid department to understand the application process and eligibility criteria. You may also be automatically considered for scholarships upon completing your initial application to the graduate program. Some scholarships have competitive and multi-stage application processes, which may include essays, interviews, auditions, or presentations.
Grants:
Grants are another source of funding that can help cover your living expenses, including rent. Grants are often need-based, and you may be eligible for them if you are from low-income households, are in or leaving care, or are from areas where few people attend university. Companies, professional bodies, and organizations linked to specific industries often offer grants to attract underrepresented groups, such as women in STEM fields.
Bursaries:
Bursaries are similar to scholarships and are usually awarded based on financial need. They may be offered by your school or external organizations and can help cover your living expenses, including rent. Like scholarships and grants, bursaries typically do not need to be repaid, making them an excellent option to consider.
Additional Tips:
- Over 25% of students who receive scholarships or bursaries are eligible based solely on their grades.
- Each scholarship, bursary, and grant has its own terms and conditions, so be sure to check eligibility criteria, award amounts, and how the funds can be used.
- Some funding schemes may even reduce or entirely cover your tuition fees, helping you avoid graduating with significant student debt.
- Consider applying for fellowships, which are a type of merit scholarship often provided by the school itself and covering all tuition expenses.
Remember to plan ahead and ensure you have sufficient financial aid to cover not only your tuition but also your living expenses, including rent. By exploring scholarships, grants, and bursaries, you can significantly reduce your financial burden as a full-time graduate student.
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Guarantors
A guarantor is a person who co-signs on a lease agreement and is responsible for any payments that cannot or do not get paid. For students, this is usually a parent or guardian. However, if you don't have a parent or guardian who can act as a guarantor, there are other options.
Options for Guarantors
- Institutional guarantors: Companies like Insurent, Leap, Housing Hand, and Your Guarantor offer guarantor services to students for a fee. For example, Leap's Guarantor Waiver Program (GWP) acts as a guarantor for a monthly fee, which is added to your rent payment.
- Subletting: Consider subletting an apartment, as this usually doesn't require signing a lease or needing a guarantor.
- On-campus housing: On-campus housing is often the most affordable option and may not require a guarantor.
- Negotiate with the landlord: If you can demonstrate that you have enough income or funding to cover your rent, your landlord may be willing to waive the guarantor requirement or accept a lower amount of rent in advance.
What to Consider When Choosing a Guarantor
When choosing a guarantor, it's important to ensure they meet the landlord's requirements. Typically, landlords will require a guarantor to have a good credit score and income that is at least three to forty times the monthly rent. It's also important to understand the liability that the guarantor is taking on. In most cases, the guarantor will be responsible for the entire rental rate for the duration of the lease, including any damages.
Planning and Alternatives
While having a guarantor can be helpful, it's important to plan ahead and ensure that you have enough financial aid or income to cover your rent. You may need to consider taking out private loans, getting a part-time job, or finding roommates to share the cost of rent and utilities. Remember that every dollar you spend from your student loans will need to be repaid with interest, so it's important to be mindful of your budget and choose affordable housing options.
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On-campus housing
Living on campus also provides easy access to amenities and a built-in social network. However, it may mean tighter quarters and less independence compared to off-campus housing.
When considering on-campus housing, it is essential to plan and act early. Reach out to the university housing office to explore your options and apply for housing as early as possible, as it is often given on a first-come, first-served basis.
To pay for on-campus housing, you can use student loans, grants, scholarships, or part-time employment. Student loans can be used to cover living expenses, whether on or off-campus. However, keep in mind that every dollar spent on your loan will need to be repaid with interest. Grants and scholarships are also excellent options, as they do not require repayment. Federal Work-Study programs provide part-time job opportunities for graduate students with financial needs, allowing them to earn money to pay for their living expenses. Additionally, some universities offer housing grants or assistance programs specifically designed to help students with housing costs.
Overall, on-campus housing can be a convenient and cost-effective option for graduate students, offering proximity to amenities and a social network. By planning early and utilizing various financial aid options, you can make on-campus living a viable choice during your graduate studies.
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Frequently asked questions
You can use student loan money to pay for rent, whether you live on or off campus. However, you may find that you need to take out a private loan or work part-time to cover the period before your loan is paid or after it is exhausted for the year.
It is worth considering the different costs of living on campus or off campus. Living on campus can be a way to save money, as you won't need to pay for transportation and having a meal plan can be more convenient than grocery shopping.
Yes, you could consider sharing your living space with friends, which will reduce how much you owe on rent and other housing-related expenses. You could also look for part-time work, such as tutoring, or apply for grants, scholarships and bursaries.
