When your school hands you the check for whatever is left of your loan money after they take out tuition you can do with it what you like. You have to budget your entire year's expenses though, so you have to budget wisely. They should have given you a living allowance, if it is enough to rent an apartment go for it. But before you do though make sure you have enough for your school necessities. The living allowance they give you is usually for the cheapest possible way to live so it may not be enough to get an apartment after all your other expenses.