^^ this AND how old you are, what your degree is (undergrad, grad, etc). If you're under...what is it 24 (at least in the us)? your parents' income is taken into account and you can't get say Pell Grants which you don't have to pay back if your parents make too much money (they just assume your parents will pay for everything. HA!) no Pell Grants for you! And Pell Grants are ONLY for undergrad.
I pretty much lived on my student loans, but I also needed credit cards to carry things over toward the end of the quarter.