What is the average monthly cost of student loans?

Is it wise to take out private student loans for cost of living?

• I'm moving out of my parents next semeester due to unfortunate circumstances. I want to still attend school at the rate of 12 credits. I already have federal loans that cover my education, is it wise to seek private loans for cost of living, or to risk my grades and work the extra hours at work?(I'll be working 32 hours a week)

• Answer:

  Federal loans have limits on them for a reason... to protect you. If you borrow more than what you are allowed in federal loans, you are paying (or needing) too much money. So..... Private loans for ANY reason are a bad idea. You will be paying those "Living Expenses" off for 10 to 25 years at a variable rate interest. Variable means the payments will always go UP! one month your student loan payment will be 300 dollars a month and the next month it could be 500 a month! You will also be required to have a credit worthy cosigner (outstanding credit, high income with a stable employment history). Without that you will never be approved for a private student loan. college students are suppose to be poor... rather than borrow, find a roommate, or two, or three or four!! Ditch the cell phone, the computer, the car.... food, clothing, shelter, that is all a college student really needs. (Worked 32 hours a week while taking 15 hours a semester.)