Higher education is desired by many and an excellent way to help ensure higher earnings over the period of your professional career. The cost is extremely steep and loans will be necessary to help cover the expenses. During the course your of education, it is not unusual for your mind to start fantasizing about traveling to Europe, road trips on the open road, and other great escapes - as well as the luxuries that can be purchased if you can get their hands on that student loan money.
It is sad to say, but student loan money can only be used for education and its associated expenses. If money has been borrowed using a Federal Loan program, the amount can cover such expenses as tuition, supplies, and room and board. If a loan has been granted, the money will be paid directly to the school. The U.S. Department of Education (for a Direct PLUS Loan) or the parents' lender (for a FFEL PLUS Loan) both follows that procedure. However, there is a cap that is in place from Congress and may not provide for all the additional costs previously mentioned.
That is why there are dozens of private student loans to fill the gap. Often private loans are taken in conjunction with federal loans to cover additional education related expenses, such as for room and board, application fees, computers, transportation, and books. Proof of enrollment in a 4 year accredited university with a minimum course load needs to be provided by the student in order to qualify.
If you're interested in using your student loan money for something else, it is not advised. Instead consider a personal loan to finance your dreams of traveling and to feed the need for exploration. Student loans are specifically designed to fund the ever-rising cost of education and the associated expenses, it is best to stick with that program.
