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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.
I didn't walk bare foot to class, uphill both ways, in three feet of snow but I was way poor. It took me 20 years after graduating to even be able to LOOK at Ramen Noodle. Some kids feel asleep in class because they worked nights. I knew one guy who lived in his car and stole sugar and condiment packages from the school cafeteria to put on white bread. Lots had plenty of family financing backing their educations but some of us didn't and we struggled to get through as debt free as possible.
When my oldest son was in college we paid most of his school expenses the first three years and he worked 20 hours a week. The last few years he alternated between taking out small loans and working and then (once he was in grad school) living on the stipend he received from the school while they worked him heavily in the name of "work experience".
When he was a junior he off-handedly made the statement that nobody graduated from a four year degree in four years.
Loan money was easy to come by, it allowed kids to put off going into the real world during a recession-ridden economy, and gave kids plenty of time to party and take their time with school, with all the bills put off until later. Times sure have changed. When I was in school, so many students (including me) were desperate to get their education and get out, and we were desperately hanging on financially. Hoping to make it from week to week.
Anyway............almost a third this year are planning on spending some of their student loan money on spring break.
Lots of people do this, and honestly depending on how frugal the person is it isn't that expensive. A drop in the bucket compared to what their classes cost. A bunch of people split the hotel, sneak in cheap beer, share gas expenses, Dominos for dinner, etc.
I know some people would prefer for college students to have no social life for 4-5 years but that isn't going to happen.
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.
I didn't walk bare foot to class, uphill both ways, in three feet of snow but I was way poor. It took me 20 years after graduating to even be able to LOOK at Ramen Noodle. Some kids feel asleep in class because they worked nights. I knew one guy who lived in his car and stole sugar and condiment packages from the school cafeteria to put on white bread. Lots had plenty of family financing backing their educations but some of us didn't and we struggled to get through as debt free as possible.
When my oldest son was in college we paid most of his school expenses the first three years and he worked 20 hours a week. The last few years he alternated between taking out small loans and working and then (once he was in grad school) living on the stipend he received from the school while they worked him heavily in the name of "work experience".
When he was a junior he off-handedly made the statement that nobody graduated from a four year degree in four years.
Loan money was easy to come by, it allowed kids to put off going into the real world during a recession-ridden economy, and gave kids plenty of time to party and take their time with school, with all the bills put off until later. Times sure have changed. When I was in school, so many students (including me) were desperate to get their education and get out, and we were desperately hanging on financially. Hoping to make it from week to week.
Anyway............almost a third this year are planning on spending some of their student loan money on spring break.
Being a graduate teaching fellow, is a modern version of bond-slavery. It can be just as bad as a medical internship. Those blowing their loan money on vacations have probably given up on ever being able to pay off their college loans. They expect to carry that on their shoulders for life and just normalize it into their behavior. Or they're hoping for government forgiveness of the debts.
These snowflakes spend the loan money on Fun-Fun-Fun because they believe it's "FREE".
They don't think they will ever have to pay that money back - Clinton and Bernie told them it's "FREE".
The parents of the snowflakes don't care - they didn't care enough to bother to save for their kid's education and they don't care now that those same kids spend their time on 'social justice' and tantrums instead of degrees that will help them get decent jobs.
Living lavish lifestyles on student loan debt is nothing new.
It will get more lavish for many before things change.
Most college students are anticipating and think they entitled to a six-figure position when they graduate and when they don't get it they go to graduate school and live in princes and princesses for another several years.
The student loan "crisis" is not because tuition and fees, but because of college students living in expensive apartments that compare to high-end resorts, expensive car leases and of course smoothies and latte's all day and every day for many.
I knew a few people familiar with the industry is "what is six-figures of debt, when they can find a six-figure easy and cush consultant job"
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As others have stated this is nothing new.
My sophomore year in college, There was some problem with my financial aid, It had something to do with the way my parents filed their taxes(both filing as head of household).The only financial aid I signed up for was a pell grant and my institutional scholarship, everything else, I was going to pay for myself. Apparently, the school had applied for loans in my name ( read the fine print when your school sends you a financial aid packet). I had 10,000 in loans that I never asked for and that was well over the amount i needed to pay for classes and books even if I had no pell grant and no institutional scholarship.
I would assume most kids just take the money, where as I rejected it all .
These snowflakes spend the loan money on Fun-Fun-Fun because they believe it's "FREE".
They don't think they will ever have to pay that money back - Clinton and Bernie told them it's "FREE".
The parents of the snowflakes don't care - they didn't care enough to bother to save for their kid's education and they don't care now that those same kids spend their time on 'social justice' and tantrums instead of degrees that will help them get decent jobs.
It's not like student loans are a bank. You sign up for student loans before the beginning of the school year and they are disbursed typically at the beginning of the semester. The school determines the student budget based on tuition and expected expenses for books, living expenses, etc. Contrary to what most people write on CD, these budgets are hardly lavish.
I'm not sure how a family making the median income, which is $35-45K in some cities, can be expected to "save" $25-30K a year for 2 kids to go to college. The reality is that college is just not affordable for many median income folks.
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