What to do with 401 k and pension after leaving company


I recently left my company i worked for and wondering what i should do with my 401 k and pension. Thought about rolling them into an IRA but will have to use some of it to live on till i can finish school. Can i make monthly withdraws on the IRA if needed and only be taxed on what i withdraw? I know if i take the entire amount of both I'll be taxed and penalized. whats my best options here?