Just think of all the time you’d save if you could type an ampersand instead of writing out the word “and”!

Despite the undisputed benefits, you’d be breaking style conventions and displaying bad taste. The style guide published by Johns Hopkins University makes the point well:

Use only when the ampersand is part of the formal name of a department, division, company, etc.: U.S. News & World Report, Evergreen Museum & Library.

Do not use an ampersand to avoid the repetition of and, as in, The School of Arts & Sciences and the School of Engineering are based at Homewood. Use instead the School of Arts and Sciences and the School of Engineering.