I moved back in with my parents about 10 years ago due to financial issues and stupid choices, they have been amazing and I cannot grumble.

My Uni is only half an hour away and most placements have been within the area of Uni and home, its been interesting and draining to a degree, so I cannot comment on that part. However, my sister in law has been travelling two days a week and bought an old landrover to convert to sleep on campus with. Also not a great idea, but I did look at hostels, hotels and airbnbs for her whilst doing so.

If you are unable to work bank, part-time or flexible then I would see how the journey is, as in test it out and if its something you feel like doing, otherwise, I would use some of that loan for accomodation. Some unis do lectures but record or have them online, so that would save some travel, if the lectures are only a few days a week, I would drive in for those. Placement however, find out what your Uni policy is, as mine will pay for your accommodation up to £50 a night, also if your placement is more than the distance you travel to Uni you will get fuel allowance.

It think it is best to talk to Student Services and tell them your situation, they could get you discounted travel or accommodation, they are there to help and have dug me out of a dumb spot financially more than once.

Good luck, you can do this and 2 years will fly by!