Student Loans?

I am wanting to go to beauty school but my credit is pretty bad and I cant get a loan without a co-signer. The problem is, all the places i have checked out will not pay for the whole program, just part of it. I dont have any money to cover the other half of what the loan will not cover. So I was thinking about applying to an acedemic school and getting a student loan for that, since they will cover all of finances for that type of school and at the last minute before school starts, I will withdraw then use that money to go to the beauty school of my choice... what will happen if I do that. I understand I will have to start paying back the loan money immediatly instead of making payments after my schooling is done(if i went to the acedemic school)... the loan that I am wanting to get sends the money to you and not the school, so that will enable me to put that money towards the beauty school...what are the problems i might come into if i do that...?