At one point or another most college bound students consider loans for off campus housing. This is something that should be carefully considered before making a commitment. Consider all of your necessary spending requirements. Keep in mind, the most important word here is necessary…You never want to take out a loan unless it's absolutely necessary, but you want to make sure that you get your education and part of that is finding a place to live.

Certainly, the cost of housing itself is your first priority, however there is much more involved. You will also be responsible for electricity, heating, food, insurance and many other expenses that may not have occurred to you. If your school does offer housing, you must weigh out the difference between dormitory living and living off-campus. As much as you may prefer living off-campus, your best bet really is to go with which ever is most cost-effective. Remember, even if you do obtain a loan, it must be paid back. Sometimes it's cheaper to live off campus because you can make cheaper food and you also have to consider that the school is going to make extra money from having you use their facilities.

Should you decide to choose a loan for off-campus living, you may be tempted to spend unnecessarily when you see the numbers reflected in your bank account. Avoid this temptation at all cost. Remind yourself that this money will be needed in the future in order to pay your rent and other necessities. This is not the time or opportunity for a shopping spree, new TV set or purchase of a new cell phone. Many students take out student loans for off campus housing and then spend the money on unecessary things. This leads them to take out more loans and that leads to more spending. One of the hardest things about taking out student loans is that you get all of the money when you take them out. I would strongly urge you to be careful with this and if needs be, to ask for your parents' help on the matter.

Make sure that you pay attention to the interest rate which will be applied to your loan. The character Wimpey from Popeye is a great example here. His famous quote, “I’d gladly pay you Thursday for a hamburger today” comes to mind. Consider this, you may happily pay two dollars tomorrow for something you purchase for two dollars today, however, what if you were told that because of the convenience of being allowed to have that item today, it would now cost you four dollars? Basically this is how loans work. Remember, lending institutions are in business to make money, and this is how it is done. You will want to obtain the lowest interest rate available to you. This also means that you will want to borrow the least amount that is necessary for your living expenses.

Many of you will end up going with private student loans to pay for your housing. If this is the case for you, I would strongly urge you to shop around a TON before taking out a loan. Private lenders for student loans generally don't have your best interest at heart and would love to take you for a ride - they make more money this way.

Heading off to college is a very exciting time in one’s life. It is also one of the largest expenses you will encounter throughout your life. Be shrewd, be smart, make sure that you are not still paying for your education 20 years after graduation.

• Cheapest student loans
• Help paying off student loans
• Student loan requirements
• Personal loan requirements (you never know when you are going to need a couple hundred bucks)
• Unsecured debt consolidation loans (in case things get out of hand)

As I have time to write more articles that will help you with your finances, I'll be adding them here.