Yes, it is possible to live off of student loans while in college. However, it could create a problem when it comes to student loan repayment time with two kids. Unless you will be entering a very lucritive career such as medicine, it could create some financial hardships. I do recommend joining Upromise because it can help in the long run with your student loans (tiny bit), but it can also help you save for your kids' college education. I will list some free resources for locating money for college.
First, the college's financial aid office and website has a list of private scholarships offered from outside organizations and companies. Sometimes a college major's website will list scholarships, too.
Second, the public library has a book listing scholarships with some not even listed on the web.
The FAFSA form will help you qualify for need based financial aid from the government along with the college itself. It can come in the form of a Pell Grant, student loan, and college scholarships. This is filled out every January 1 for the upcoming fall semester until you graduate from college.
Finally, I recommend joining several free membership scholarship search websites. There are scholarships for a variety of things including ethnicity, clubs, hobbies, and even wearing duct tape to the high school prom. Most are updated on a regular basis. Most offer a customized search based on information entered onto a form on the website.
FINANCIAL AID ADVICE
http://www.fafsa.ed.gov/before003a.htm state deadlines
SCHOLARSHIP ESSAY ADVICE
FREE MEMBERSHIP SCHOLARSHIP SEARCH WEBSITES
http://www.scholarshipexperts.com/ recommended by Forbes magazine.