Nearly three-quarters of the thousands of university students set to receive up to $20,000 in tax dollars to cover their bad loans plan to spend it on vacations, booze, and drugs, living up to their deadbeat image in the mind of many taxpayers.
Those who have or plan to apply for the relief program offered in a new Biden White House scheme know that their spending is wrong but still plan to use the money for fun in the sun.
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Demographically, Democrats in the program plan to spend their monthly gains widely by nearly a 2-1 margin over Republicans.
In a report shared with Secrets, the website Intelligent.com said that “73% do agree using student relief to buy non-essential goods is wrong.”
The website, which encourages smarter spending, said a poll from the survey platform Pollfish found that nearly half plan to spend “use the extra money they would have each month” in reduced payments on vacations and restaurants.
Those polled conceded that they could do a better job spending and saving and that they do plan to spend on essential items, such as groceries, rent, child care, and credit card debt, expenses even those who didn’t go to college face.
What’s more, just half said having student loans hanging over them “negatively” affected their lives.
“When asked how negatively student loans affect their life, 8% of respondents say ‘not negatively at all’ and 9% ‘not very negatively.’ An additional 22% say their lives haven’t been affected. On the other hand, 32% say their lives have been affected ‘somewhat negatively’ and 28% ‘very negatively,’” said the report.
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What they plan to spend the estimated $1 billion in tax dollars on is likely to irk many taxpayers, especially the vast majority who never went to college, took out a college loan, or paid the money back as they agreed to.
Here are the top spending plans for student loan relief checks identified by Intelligent:
- Vacation, 46%
- Dining out, 46%
- Smartphone, 44%
- Investing in stocks, 43%
- Gifts, 42%
- Gaming systems, 36%
- Weddings, 30%
- Drugs/Alcohol, 28%
- Gambling, 27%