Buying a Computer with Loan Money

Dear Ask American Student Assistance:

Can we use loan money to pay for a computer for school?

Sincerely,
Junella

Dear Junella:

Your school may include the cost of a computer when it calculates cost of attendance (COA). The COA may include not just tuition and fees, but also an allowance for books, supplies (including a computer), transportation, and miscellaneous personal expenses. Your school’s financial aid office should have a policy stating if these amounts are included in your COA and how much may be allocated for the purchase of a computer. Please note: the inclusion of a computer in the COA is purely at your school’s discretion. After the school determines your COA, your school will award you financial aid, including loans, to cover all or some of your COA, including any allowance for a computer.

Please also remember that any money you borrow will have to be repaid, with interest, so make sure you are careful with how you spend your funds.

Regards,
American Student Assistance