College Kids Enjoy Spring Breaks At The Expense Of Their Student Loans, Survey FindsBy Audri Taylors, UniversityHerald Reporter
It looks like an increasing number of college students have been using their student loans in order to finance their wild, week-long vacation and spring break trips. While student indebtedness issue still holds true, 30 percent of the total number of students who have been granted loans apparently use them for something else.
The survey from LendEDU has been conducted among 500 students who have student loan debts, and a total of 2.38 million students have actually been using the money they received from the government for their lavish parties and vacations, according to the Daily Mail.
The results of the survey also revealed that the numbers have increased from last year's 20 percent, according to Student Loan Hero. While spending student loans for dining out, entertainment and spring breaks cannot really be labelled as illegal, some experts say that is it a wise decision, according to New York Post.
Greg McBride, chief financial analyst of Bankrate.com said that ideally, students should reduce or minimize borrowing money while they are in college and just be contented with a simple lifestyle. However, this might be a bit difficult when everybody else is coming up with a plan for the week.
LendEDU find the numbers "alarming" and 'frustrating", especially when they found that half of the student borrowers mistakenly believe that their loans will be forgiven by the government after they graduate from college.
About 30 percent of the survey respondents have admitted that they spend their loans for clothing and accessories, and 25 percent used the money for booze. One third admitted they use the funds for dining out and six percent used the money to buy drugs.
In a time when the student debt in the country continues to rise, the numbers can be really alarming and disappointing. At present, the student loan debt in America has already reached $1.3 billion and 44 percent of the Americans are in debt.