There are the obvious expenses you can use your student loans for such as school tuition and fees. However, you can use your student loans to help you cover other education-related costs. Some of those items include:
- Books and supplies
- Housing – on- or off-campus
- Food
- Transportation to and from school
- Childcare
- Study abroad
In general, you are able to use your money to help you cover the cost of college and living expenses while you’re attending college.
HOWEVER, it’s inappropriate to use your student loans to pay for vacations (like spring break), buying clothes, or to invest that money to try to get a profit. If you are using student loan money inappropriately, there could be consequences (like an immediate demand of repayment). If you don’t get caught using your student loan money to live luxuriously, you could be paying that money back for years after graduation.