Just when the inefficiency of student loans couldn’t possibly get any worse…this happens.
Nearly a third of college students will use their financial aid to go on spring break trips this year. Yes, college students are planning on using their federally-subsidized loans to pay for hotels and airfare for their spring break escapades.
Data from Orbitz indicates that over half of college students plan to travel for spring break — and it is estimated that nearly 2.4 million students enrolled in U.S. colleges and universities will spend student loan money on spring break or other adventures this year.
A LendEDU poll also shows that 23.8 percent of America’s college students have admitted to using college loans on purchasing alcohol. Just below seven percent of students admit to using student loans to purchase drugs.
Now let’s apply this behavior to the 70% of college students that take out student loans. Student loans are out of control with 44 million Americans holding a whopping $1.31 trillion in student loans.
The amount of student loans in the U.S. is equivalent to the entire Russian economy…that’s not a joke. The student loans problem in America is out of control and excessive government involvement in the student loans arena will just make the mess even bigger.
How do you think student loans crisis should be handled? Let us know what you think in the comments below!
(H/T The Daily Caller)