Posted On: Saturday - March 11th 2017 7:58PM MST
In Topics:   University  Humor  Global Financial Stupidity
This post on ZeroHedge is a good follow up to my simple anecdote about the restaurant near me taking university meal cards, as the students can just see it as "it's all part of the deal - my
Zerohedge says: 31% Of College Students Spend Their Loans On Spring Break. Were you on the main page of the site (probably page 5-8 now as they post incessantly over there, and we are NOT!A!NEWS!SERVICE!) you would have seen a small photo of the a string-bikini clad (WAIT... stay here for a second, will ya?) on the stage among the college kids on spring break. Here's the problem - half of the time that you click on a ZeroHedge article based a bit on a girly picture on the main page, it WILL NOT BE BLOWN UP or existent on the page for that particular post. OK, that's not the real problem, is it?
The real problem is that living the high life for 4-6 years is not worth it, if you are not in a serious major like engineering (even that possibly not) and will have a debt the size of a mortgage, but BEFORE you even buy a damn house. However, you may never end up paying this loan, at which point it isn't a problem anymore - well for you, but it sure is for the taxpayers and sons of taxpayers. This high life, though the eating out per our post is just a small symptom of the problem, when it involves going to Mexico or the islands on spring break, using student loan money is really pushing it. Here are some numbers from Zerohedge's source LendEDU (from the name, they're probably "Luvin' it") followed on Zerohedge by one of their few decent graphs - Zerohedge is not generally good with graphs!
According to the LendEDU poll, 30.60% of college students with student debt claim that they are using money they received from student loans to help pay for their spring break trip this year. For reference, you can use student loan funding for living expenses.
The National Center for Education Statistics calculated that 20.5 million students will be attending college this year in the United States. Orbitz reported that 55% of students will be going on spring break. Using this data, we can roughly calculate that 11,275,000 students will be going on spring break this year. And, it is estimated that 69% of all current college students use student loan debt by the time of graduation. By doing some additional arithmetic, we can calculate that roughly 7,779,750 student debtors are going on spring break this year.
Factoring in our data, and assuming the claims made in our survey are accurate, this means that 2.38 million students are using money received from student loans to pay for their spring break excursion this year.
Many of the comments will most likely be statements of strong dismay over
It's all gonna end it tears, as one could say about a lot of things. Looking on the bright side, per PeakStupidity's