Many college students the world over get deep into debt with their student loans by misusing the funds and squandering the money. The purpose of taking out a student loan is to help you pay for your education, not to fund your personal lifestyle. The cash you borrowed is to go toward your tuition, books, and other necessary items that will help you complete your time at school successfully. Too many students blow all their money and end up having to borrow more and more. This is a big financial trap that can be avoided by proper use of your student loan.