What Happens If You Misuse Your Student Loans

Individuals can be legally prosecuted and face fines or imprisonment in financial aid fraud cases and instances of illegal borrowing. (Getty Images) Many college students make poor decisions with their student loan refunds – spending the money on noneducational purposes, such as spring break vacations and buying new clothes. Accounts of student loan misuse are easy to find – and usually don’t shock the Student Loan Ranger. However, we were surprised by one recently buzzed-about way to spend student loan funds: investing in cryptocurrencies. Such findings may be questionable, but many instances of student loan misuse…

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