Guess What College Kids Are Using Their Student Loans For Now?

College is expensive, y’all.  I know this first-hand.  After all, I’ve helped get two kids through college over the past nine years.  My boy is about to finish his last year at Ball State in May (praise Jesus, someone pass me a strong cocktail, and don’t you DARE judge me, because this one’s been on the five-year plan).

I know how common school loans are these days, but I assumed kids were using the money for tuition, room and board, and books, because using that money for anything other than those things would be wrong and/or illegal, right?

Wrong, Daisy.  Wrong.

According to this, kids are flat-out partying their butts off with school loan money.  Yep.  They’re going on spring break with their loan money, y’all.   To fabulous, tropical, sunny locations.

Because of COURSE they’re doing that.

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.

 

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.

Listen – it’s certainly not illegal, but experts still advise that it “isn’t wise.”

(HA  HA HA.  Um, experts?  Kids don’t care about what you “advise.”  You’ve obviously never parented before.  But nice try.)

Greg McBride, chief financial analyst of Bankrate.com has this to say about all of this craziness:

“Students should minimize their borrowing during their college years and live a sparse lifestyle — but no one wants to hear that when their fraternity brothers or sorority sisters are packing up to Cabo for the week.” 

 

“It’s like putting spring break on a credit card, but this one is subsidized by taxpayers.” 

Oh look, taxpayers!  We get to subsidize SOMETHING ELSE!  Yaaaaaay!

Keep in mind that the “average college student graduates with $28,000 in loans and the default rate on those loans is 11.8 percent.”

Between all of this partying and the fact that the average kid gets an education in gender pronouns for that 28 grand?  Well, who wants to join me for that strong cocktail now, huh?