Loans for Credit

Is it legal and a good idea to take out student loans and deposit the money into a savings account and not spend the money?
I'm aware that I won't necessarily make money but I'm looking for a way to build credit, however little it may help.

My plan is to
take out a loan
put it in a savings account
then use the loan (plus spend my own money to cover interest) to pay the loan back.

I am in the process to rebuild my credit and I am looking at all options. Any and all help is welcome though please no criticisms they will simply be ignored and removed.