I applied and was approved for a 60K Key Alternative Loan. I called Education Credit Corporation (FSI's financial aid contractor) to ask some questions, and am worried about one of the answers. My program should cost around $45-46K but I am borrowing 60K, so I assumed I had the extra 14-15K to use for anything, including living expenses. The ECC rep told me that the checks come from Key to FSI, and FSI will give me up to like $225 a week for living expenses, sending back any excess to Key. Is this the way it works? I was hoping to have a little extra left over. I also don't want the balance to dip below 60K, so I get the 20 year repayment option. I know a lot of you guys are doing this, so help me out-is this the way it works?