A recent survey revealed that nearly a third of America’s college students with loan debt plan to utilize funds from their federally-subsidized student loans to pay for spring break vacations this year.
The nationwide survey was conducted by LendEDU — a student loan marketplace website — and polled 500 students currently attending American colleges and universities.
Of the debt-laden students surveyed, 30.6 percent of them reported that they are using student loan funds to pay for airfare, hotels, and other travel expenses.
Data obtained by LendEDU from the travel website Orbitz showed that 55 percent of students enrolled in U.S. colleges and universities take spring break trips to exciting destinations.
LendEDU estimates that, despite being cash-strapped, nearly 2.4 million students in American’s colleges will spend student loan money on leisure travel.
“Considering the severity of the student loan crisis in the United States right now, this number is severely disappointing,” LendEDU said in a statement to The Daily Caller.
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According to the Travel Channel, the most visited spring break destinations for U.S. college students are Daytona Beach, South Padre Island, Cancun, Puerto Vallarta and Las Vegas.
The LendEDU poll also revealed that America’s college students use funds from their federally-subsidized loans for other expenses unrelated to their education — 23.8 percent use loan money to buy beer and liquor, just under 7 percent use the money to buy drugs, and 5.6 percent gamble or bet on sporting events with student loan funds.
Nearly half of America’s college students surveyed believe that the federal government will forgive their student loans when, in reality, only about 10 percent of all college graduates will have any portion of their student loans nullified under current loan forgiveness law.
With nearly 70 percent of all American college students utilizing student loans, the overall debt continues to rise annually in the U.S.
The Federal Reserve Bank of New York reported in early March that approximately 44 million Americans are responsible for $1.31 trillion in student loan debt, an amount nearly equal to the value of the entire economy of Russia.
H/T: The Daily Caller
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