At LendEDU (a marketplace for student loans and loan refinance) some people were curious about answering some sensible questions:
How do college students pay for some activities of their daily life? How do they finance the very popular but very expensive spring break trips to popular destinations like California, Florida, Texas and countries like Mexico, Bahamas, Jamaica, Puerto Rico and Panama?
They conducted a survey among 500 students. The people chosen for it had to have a considerable amount of debt in student loans.
The statistics gave alarming insights:
- 33.4% of students use loan money to pay for clothing, restaurants and take-out bills.
- 30.6% spend it on spring break expenses.
- 23.8% buy alcohol with it or use it to pay bills at bars.
- 6.6% use it to pay for recreational drugs.
- 5.6% have gambledwith it.
A couple of previous studies also revealed:
- 49.8% lived with the wrong idea that the Federal Government would forgive their student loan debts.
- 51.2% of parents say their retirement is jeopardized due to late payments made by their sons and daughters.
It’s estimated that 7,779,750 students are going to spring break this year and 2,380,000 of them are going to pay their spring break holidays with student loan money.
These statistics are saying that a significant percentage of the college student population is not making wise and mature decisions as one would expect from young adults.
The student loan money has the purpose of relieving the high expenses necessary to put someone through higher education.However, it is alarming that this loan money is being used in frivolous and even illegal activities.
Some day these students will be fresh out of college, looking for work and with the accumulated debt of their college education including their wild spring vacations.
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