Yes and no. Technically yes, but maybe not. My first year, they didn’t count the stipend toward my COA. At the start of year 2, I got an email scolding me saying that I shouldn’t have gotten the extra loans because I was receiving the stipend. Then they said if they catch it happening again, they would take back everything they over-dispensed. After that, I could only take out loans for the amount it took to get me up to the COA, which wasn’t much, but at least let me pay rent.
So, I guess it’s whether or not you can get away with it and for how long.