When I went to college back in the 70’s you never got to touch your student loan money. You were loaned the exact amount of your tuition, dorm or other colleges fees and the check went directly to the college bursar’s office. For your personal living expenses you worked a job. Or two.
Heck, they did that when I went in the mid-late '90s. I never saw the money, just the ins and outs on my college ledger.
My son is a full-time college student. He is paying for roughly a third of his tuition with student loans. The money goes directly to the University.
Good old mom and dad pay the other 2/3. There is no extra money for spring break trips to Florida. In fact he is coming home tomorrow to spend his spring break week with us and see his ailing grandparents.