Many students may be unaware that student loans are not free money and should only be used for educational and living expenses. Using the funds for vacations and non-qualifying expenses can lead to financial consequences and penalties. It's crucial to make informed decisions and understand the dos and don'ts of using student loans. Spending on unauthorized purchases or vacations can be considered fraudulent, with potential legal actions. It's important to raise awareness and provide education on responsible use of student loans to prevent misuse.