As more and more of us are questioning the value of expensive college educations, this news may just have you yanking your kids out of school. This is like spending food stamps on cigarettes and beer. Why do kids think this is a good idea?
The New York Post reports:
A growing number of students, it seems, will use their student loans to fund their upcoming fun-in-the-sun spring breaks.
Roughly 30 percent of US students will tap into their growing pile of college debt to pay for their weeklong frolic, a survey from LendEDU revealed.
And the trend is growing!
That’s up from last year, when a separate survey, conducted by Google Consumer Surveys on behalf of Student Loan Hero, found that about 20 percent of students spent their loan cash on dining out, entertainment and spring breaks.
LendEDU has the disturbing details:
The National Center for Education Statistics calculated that 20.5 million students will be attending college this year in the United States. Orbitz reported that 55% of students will be going on spring break. Using this data, we can roughly calculate that 11,275,000 students will be going on spring break this year. And, it is estimated that 69% of all current college students use student loan debt by the time of graduation. By doing some additional arithmetic, we can calculate that roughly 7,779,750 student debtors are going on spring break this year.
And this is even more painful…
… In another study, 51.20% of parents that cosigned on their child’s student loan said their retirement has been put in jeopardy due to late payments made by their child. Many students are hamstringing their parent’s ability to retire because they are using their student loan money to pay for an island adventure.
Sigh. It’s not just going for spring break.
Although not as severe, many students are using their student loan money to pay for things other than spring break.
Nearly a quarter (23.80%) of respondents stated that they have used money received from student loans to pay for drinking some type of alcohol. This answer also included spending money at bars.
A third (33.40%) of students answered that they have used money received from student loans to pay for clothing and other accessories.
Not only are kids not getting the best of educations in these indoctrination mills, they are also lacking in character and judgement training.