As the number of college graduates defaulting on their student loan payments continues to climb, a troubling new survey indicates that significant portions of that money may have been spent partying during spring break.
According to a new survey from Lend Edu, more than half of college students going on spring break in 2018 will use their student loans to help finance their vacation.
Approximately almost 57 percent of students surveyed who planned on going somewhere for spring break said they would be using student loans to help pay for their trip this year, including spending on plane tickets and hotel or resort accommodations. Even including respondents who are not taking trips for spring break, leaves more than 44 percent of all college borrowers using student loans to help pay for their spring break trips.
The results of this survey indicate a growing sense of financial illiteracy among college students, many of who will accrue hundreds of thousands of dollars in student loan debt. In addition to borrowing massive sums money for a degree that often is not required for a decent paying job, many students are also under the impression that it is acceptable to have the federal government finance a week of partying at the beach under the illusion of being a necessary college-related expense.
One factor that may contribute to the growing sense of financial illiteracy among college students is the notion that they may never have to pay their loans off – an idea that has been recklessly promoted by Democrats in recent years. Politicians such as Sens. Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., have long railed against the growing burden of student loan debt and have promised to enact programs that would cancel or forgive student loan debt, while making college free for future students.
Additionally, a number of House Democrats introduced a bill last May that would allow individuals with massive student loan debt to file for bankruptcy, effectively relieving them of their obligations to pay back the money they borrowed.
With endless promises from politicians to lessen the burden of student loan debt, universities have no incentive to stop expanding college costs and students have no incentive to stop borrowing massive amounts of money.
