Student loans for other things?

[williamgazillion]

If I end up having some money left over, is it OK to simply put my money in a CD or invest it in some other way?  What are the implications?  Anybody plan on doing this?

[maka nani]

I did it with UG loans...sort of a living expenses emergency fund.  I didn't invest it...just put it in savings. 

[williamgazillion]

Interesting.  I may end up having $9,000 left over.  I wonder if this will substantially affect my Expected Contribution for the following year.  Any thoughts?

[maka nani]

hmmm, I'll find that out next year when I apply for aid.  Sorry!

[bruin]

Technically no. But no one will ever find out, or care really.

[InVinoVeritas]

bruin is right.  you're only supposed to use loan money for school-related expenses (including living expenses), and the amount of you loan is only supposed to be enough to satisfy these expenses.  but, if you have any money left over, why not save it so you don't have to borrow as much for the following year?