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Technically, I think the terms of student loans are such that you promise to use the proceeds for expenses related only to room, board and school expenses, and nothing else. I know people are going to say, "ha, ha, tell me another one," but a promise to use loan proceeds only for purposes for which they are designated is like promising to repay the loan - the value of your word to do something. Student loans have been abused for as long as there have been student loans. Nothing new in that.