Can You Use a Personal Loan to Pay for College?

A personal loan shouldn’t be your first choice for college funding, but it still might be an option. Technically, you can apply funds from a personal loan to pay for just about anything, and it might be a good way to cover some college-related costs. Here is a look at why other options are likely a better choice.

What Is a Personal Loan?

A personal loan is a term loan, usually without collateral. When you take out a personal loan, you typically receive a lump sum of money from about $1,000 to $100,000 and pay it back in installments over one to seven years.

What Can Personal Loans Be Used For?

There are many personal loan uses, ranging from home repairs and renovations, to consolidating high-interest debt, or financing a vacation or even a wedding.

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