Survey: 3 in 10 College Students Use Loan Money to Pay for Spring Break
According to a new survey, some college students plan to use money from student loans to pay for their Spring Break getaways.
The survey, taken by student loan news site LendEdu, found that 30.6 percent of students with debt "claim that they are using money they received from student loans to help pay for their spring break trip this year."
Using other available data, the study noted that more than 11.2 million students are expected to travel for Spring Break this year. So LendEdu estimated that 2.38 million students will be using loan money for some or all of those travel costs.
The study found that many students are using their loans for other non-education expenses. More than one-third of those surveyed said they've used loan funds to buy clothing and food at restaurants.
Nearly one-quarter of the students surveyed said they've used loan money to buy alcohol, including for bar tabs. More than six percent admitted they used the money for drugs, while 5.6 percent used it for gambling or sports betting.
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