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Have you ever wondered how it’s possible for a college student to pay for spring break expenses?
The most popular destinations include California, Florida, Texas and countries like Mexico, Bahamas, Jamaica, Puerto Rico and Panama.
Students attending college are not part of the working force yet and even if they are working, the jobs available for them to attain don’t provide a sufficient income to pay for a trip to anexotic destination.
At LenEDU, a market place for student loans and student loan refinance, some people asked the same question.
They conducted a survey among 500 current college students. The only criteria to be part of the study was to have a considerable amount of debt in student loans.
Here are some statistics revealed by the study:
- 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 gambled with it.
2 studies conducted previously 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.
The behavior of these college students is setting up a difficult situation for their future. What are they going to do the day they graduate? They’ll be fresh out of college, looking for work and deep in debt.
It’s roughly calculated that 2.38 million of college students are expected to pay for spring break expenses with money from their student loans. The results of the study raise many questions and are very alarming for the student loan crisis.
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