Although the exact dates vary by school, Spring Break season is here, which means a lot of college kids will be packing up their bikinis and swim trunks and heading somewhere warm for fun in the sand and at the bars. But since we’re always hearing about how cash-strapped college kids are these days, did you ever wonder how they pay for such trips?
Well, sure there are some college kids who can get mommy and daddy to pick up the bill, but according to a new survey, a lot of those Spring Breakers are using money that’s supposed to go towards their education. That’s right, 30.6% of college students say they use funds from their student loans to pay for Spring Break. Just how bad is that? Well, with about 7.8 million students escaping for Spring Break that comes to about 2.4 million students.
And vacations aren’t the only thing they are using their loan money for. The survey finds almost 24% have used student loan money to pay their drink bill at bars, another 33.4% have used it to buy clothing and accessories, and the same amount have used it for restaurants and take out.
But if that wasn’t already bad enough, 6.6% of students say they’ve actually used their student loan money to pay for drugs, while 5.6% have used it on gambling or sports betting.
Source: LendEDU