Q: Can financial aid or student loans be used to pay rent on an apartment? A: The answer is yes, but you need to be careful how much you borrow and what types of student loans you borrow. Financial aid and student loans can cover the cost of books, housing, food, transportation, and even entertainment.Click to see full answer. In this way, can financial aid be used for housing?Yes. If you receive financial aid, you can use it to help pay for off-campus housing. The Free Application for Federal Student Aid (FAFSA) says that you can use these dollars to pay for the cost of attending an institution of higher education, which includes room and board, including off-campus housing.Subsequently, question is, can you use student loans for rent? Student loans can be used to pay for room and board, which includes both on- and off-campus housing. So the short answer is yes, students can use money from their loans to pay monthly rent for apartments and other forms of residence away from campus. If you choose to live in a dorm, you may be able to save some money. Moreover, can you use fafsa money for anything? College financial aid can be used for expenses that are directly related to your education, such as tuition and fees, transportation, books, room and board, supplies and related expenses like child care.Can I use Pell grant for rent?You can use the Pell Grant money available to you directly to pay for room and board, rent, if you live in your own place, books, equipment, such as a computer, and even clothing and food.