Is My College Housing Covered by Financial Aid?

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There are more costs on top of tuition to consider when it comes to paying for college, including housing — which can sometimes cost 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
Use private student loans to fill the gaps

Financial aid can cover up to the cost of attendance

Financial aid can be used to cover your school’s cost of attendance, which could include both on-campus and off-campus housing. However, there are limits to how much financial aid you can get. You also might not be awarded 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 FAFSA is used to determine your eligibility for financial aid, as well as to calculate your Expected Family Contribution (EFC) — which is how much your family is expected to contribute to your education.

How much financial aid can I get? Generally, the fewer the 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 vs. 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.

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

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 a public four-year university, the average cost of room and board is $11,510. For a private university, the average rises to $12,990.

For example: You’ll pay $10,774 for on-campus housing at Northern Michigan University (a public university) and $15,550 at Carnegie Mellon University (a private university).

Every school publishes its own cost of attendance estimating how it will likely cost you to attend their school. 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 vs. 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

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.

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	3.19%+	1.83%+	$2,001 to $200,000
Fixed APR: 3.19%+ Variable APR: 1.83%+ Min. credit score: 540 Loan amount: $2,001 to $200,000 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 24 months 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	3.23%+¹	1.03%+¹	$1,000 to $350,000 (depending on degree)
Fixed APR: 3.23%+¹ Variable APR: 1.03%+¹ 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	2.99%+^2,3	0.99%+^2,3	$1,000 up to 100% of the school-certified cost of attendance
Fixed APR: 2.99%+^2,3 Variable APR: 0.99%+^2,3 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 5, 8, 10, 15 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 24 months Loan servicer: College Ave 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	3.75%+	1.08%+	$1,000 to $99,999 annually ($180,000 aggregate limit)
Fixed APR: 3.75%+ Variable APR: 1.08%+ Min. credit score: Does not disclose Loan amount: $1,000 to $99,999 annually ($180,000 aggregate limit) Loan terms (years): 7, 10, 15 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: Autopay Eligibility: Not available to residents of AZ, IA, or WI Customer service: Phone, email Soft credit check: Yes Cosigner release: After 36 months Loan servicer: American Education Services Min. income: Does not disclose
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	3.00%+⁷	2.17%+⁷	$1,000 to $200,000
Fixed APR: 3.00%+⁷ Variable APR: 2.17%+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	3.83%+⁸	1.56%+⁸	$1,001 up to 100% of school certified cost of attendance
Fixed APR: 3.83%+⁸ Variable APR: 1.56%+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 48 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	3.75%+	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: 3.75%+ 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	3.50%+	1.13%+	Up to 100% of school-certified cost of attendance
Fixed APR: 3.50%+ Variable APR: 1.13%+ Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 10 to 15 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability Fees: Late 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: After 12 consecutive on-time payments Loan servicer: Sallie Mae
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available \| ¹Citizens Disclosures \| ^2,3College Ave Disclosures \| ⁷EDvestinU Disclosures \| ⁸INvestEd Disclosures \| ⁹Sallie Mae Disclosures