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Monday 23 October 2017
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Student loans are paying for more than college expenses

Spring break, a most important rite of passage one takes while going through college.

Nothing wrong with it.

Fun, well-deserved relaxation, party and pleasant memories that will stick with you for the rest of your life.

When our sons and daughters leave the nest and take their first leap of independence, they are expected to develop life experience in order to live full, meaningful and responsible adulthoods.

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A survey conducted by LendEDU, a marketplace for student loans and student loan refinance shows otherwise:

33.4% of students are paying for clothing, restaurant and take-out food with student loan money.

Understandable, our kids have to cover basic needs while living on campus.

In case you’re wondering how a broke college student pays for a week in the land of fun? Here’s the answer:

30.6% of students use their loan money to pay for spring break expenses.

23.8% use it to buy alcohol and for paying bills at bars.

6.6% have paid recreational drugs with it.

5.6% have admitted to using it for gambling purposes.

But wait, there’s more, another study revealed some other interesting facts.

Almost 50% of the students lived under the impression that the Federal Government would forgive their student loan debt. Not surprisingly: 51.2% of parents have stated that late payments made by their beloved sons and daughters, is putting their retirement on the line.

It’s expected that in the USA, 20.5 million students are going to attend college in 2017 and 2.38 million of them are going to use student loan money to pay for their spring break.

One thing is certain, the conditions imposed for getting approval to receiving student loans are getting increasingly difficult. After reading these alarming statistics, one can’t help to wonder: What measures are the student loan institutions going to take?

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