31% Of College Students Spend Their Loans On Spring Break

Tyler Durden's picture

As Washington D.C. liberals continue their fight for 'free' college education for all (which, of course, is just a nicer way of saying largely useless community college education crammed down the throats of taxpayers) and student loan forgiveness programs, a new study from LendEDU reveals some of the shocking realities behind where college students are really spending their $1.3 trillion worth of student debt. 

Per a survey of 500 college co-eds, LendEDU found that 31% of students, or roughly 2.4 million kids, admitted to using student loan money to fund their binge drinking trips to Cancun and Daytona Beach for spring break.

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.

But don't worry yourselves you silly taxpayers...it's only $1.3 trillion (and counting) of debt that you'll soon have to cover.

Student Loan Debt

 

Adding insult to injury, 24% of students admitted to using their student loan money for alcohol and 7% use those federally-subsidized checks for drugs.

Nearly a quarter (23.80%) of respondents stated that they have used money received from student loans to pay for drinking some type of alcohol. This answer also included spending money at bars.

 

A third (33.40%) of students answered that they have used money received from student loans to pay for clothing and other accessories.

 

Similarly, the same amount (33.40%) of students said that they have used money received from student loans to pay for restaurants and take-out.

 

6.60% of respondents responded saying that they have used money received from student loans to pay for drugs.

 

Finally, 5.60% of students that participated in our survey stated that they used money received from student loans on gambling or sports betting.

“Students should minimize their borrowing during their college years and live a sparse lifestyle — but no one wants to hear that when their fraternity brothers or sorority sisters are packing up to Cabo for the week,” said Greg McBride, chief financial analyst of Bankrate.com.  “It’s like putting spring break on a credit card, but this one is subsidized by taxpayers,” McBride added.

Meanwhile, as we pointed out before (see "Obama Student Loan Foregiveness Plan To Cost Taxpayers $137 Billion, GAO Finds"), the GAO currently estimates that taxpayers will ultimately have to cover $137 billion of student loan debt outstanding...an obligation we're certain will only grow over time.

Student Loans

 

So fight on, Bernie...and while you continue your crusade for "free college," America's entitled millennials will be laughing all the way to Cancun. 

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Pinto Currency's picture

Spending fiat while it still has value.

thegazzman's picture

god damn it ZH could you at least put a higher res picture of the thumbnail in the article? are you trying to blue ball us?

BigFatUglyBubble's picture

I have d00m blue balls.  Everyone's been talking about it for years but it never happens, just builds and builds...

HillaryOdor's picture

*in my best Bernie voice*

If you elect me as president of zerohedge we will pass a law that will ask the top 1% of this website's owners to do their fair share, to post the thumbnail picture, for every article no matter the content, inside the article to which it is assigned.  

Perimetr's picture

Hey it's a field trip for my "Introduction to Human Sexual Behavior" class!

I'm doing research!!

bamawatson's picture

Disney Knows:

Julie Ann Crommett, who at Google advocated for more representation of women in science and engineering roles, will serve as vp multicultural audience engagement at Disney.

Walt Disney Studios has tapped Julie Ann Crommett, who as Google's first ever entertainment industry educator-in-chief advocated for more representation of women in science and technology roles on screen, for a newly created position focused on the promotion of diversity. 

In her role as vp multicultural audience engagement, Crommett will lead outreach and market research with the goal of driving engagement with multicultural viewers and consumers. 

While at Google, Crommett — who was named to THR's 2016 Next Gen Execs list — led a team of engineers who consulted with Hollywood to advocate for more diverse representation of coders and engineers in film and TV projects.

Her team also worked with the Geena Davis Institute on the creation of its Geena Davis Inclusion Quotient, which has measured how much screen time and speaking time men and women got in the top 100 grossing films of 2014 and 2015. She previously worked at NBCUniversal, where she encouraged diversity behind the camera through its Directing Fellowship Program and Writers on the Verge initiatives. 

Crommett, who was born in Puerto Rico, has spoken about how her devotion to this work comes from her own life. "I didn't see people who looked like me on TV or shared my experiences until Ugly Betty," she told THR in November.  

Crommett serves on the boards of the National Association of Latino Independent Producers and Women in Animation. 

knukles's picture

Nothing wrong, those guys are all studying gynecology.

Stuck on Zero's picture

Do you think the students learn more in their Cultural Studies 1a class or in a week in Cancun on Spring Break?

847328_3527's picture

Why millennials can’t get jobs? Here are some of their classes:

Courses
  1. Arguing with Judge Judy - UC Berkeley
  2. Contemporary American Culture: The Fifty Shades Trilogy - American University[23]
  3. Cyber Feminism - Cornell University
  4. Ecology of Renewable Natural Resources - Texas Tech University[24]
  5. Emotional Literacy[25]
  6. Feminist New Black Man - Occidental College[26]
  7. Field Equipment Operation (tractor driving) - UC Davis
  8. Football Culture
  9. From DNA to Homo sapiens - MCLA
  10. Gaga for Lady Gaga: Sex, Gender, and Identity - University of Virginia-Charlottesville[27]
  11. Getting dressed - Princeton University[28]
  12. Hip Hop: The Politics of Culture - UC San Diego
  13. History of Surfing - UC Santa Barbara
  14. History of Weaving - UC Berkeley

http://www.conservapedia.com/Worst_College_Majors

Chris Dakota's picture
Chris Dakota (not verified) 847328_3527 Mar 9, 2017 9:42 PM

Italian Mafia Movies-Ohio State

they are ripping these kids off

School scam

lexxus's picture
lexxus (not verified) Chris Dakota Mar 9, 2017 11:13 PM

Plus, the students are too busy being sexual deviants.

https://biblicisminstitute.wordpress.com/articles/wisdom/#deviancy

Chris Dakota's picture
Chris Dakota (not verified) lexxus Mar 10, 2017 2:23 AM

Zero morals

Putting yourself on display as a piece of meat, what happened to womens march/rights?

The whole thing is psycho fraud

In San Francisco right in our livingroom we have strip clubs.

I never understood that until I read about cultural marxism.

(((Lenny Bruce))) had a wife who was a stripper and herion addict. 

https://cdn-images-1.medium.com/max/800/0*SUiKSKiKn5cTq3QV.jpg

https://s-media-cache-ak0.pinimg.com/236x/8a/99/3d/8a993d76ee67f967c2528...

 

xythras's picture
xythras (not verified) Chris Dakota Mar 10, 2017 4:55 AM

The PC public school system + TV programming makes youth accept "multiculturalization", embrace all this deviant shit and behave accordingly.

The result:

VIDEOS – Failed “Multiculturalization” in Germany (again): 7 Injured in Dusseldorf Axe Attack, 1 Arrested

http://dailywesterner.com/news/2017-03-10/failed-multiculturalization-in...


French_Baroque's picture

At NC State they just spent 10s of millions on a new food court/"gathering area". This wasteful expense was brought to you by unlimited student loan funny money. Because kids don't have to afford the college education, just pay credit, the schools have no incentive to cut costs because the costs don't matter. Now you have a huge buuble just like the housing bubble caused by dumb easy credit. 

Idaho potato head's picture

Well, 7 and 14 at least relate to the real world....

Son of Loki's picture

"Getting Dressed?"

 

wtf?!

lexxus's picture
lexxus (not verified) 847328_3527 Mar 9, 2017 11:13 PM

Yep.

Tijuana Donkey Show's picture

Hey, the 50 shades class will help teach my next mistress or wife, so that's not a total loss. #spreadum

greenskeeper carl's picture

Funny and sad, but the math is also wrong. 100% of the students using student loans going on spring break are, in fact, doing so with their student loan money, because if they are using any money to pay for spring break, that money could have been used for paying for your actual college education and living expenses. Since they are spending it on spring break, thy must borrow that same amount of money that they otherwise could have used for school. So, in reality, yes they are all using that money for spring break.

knukles's picture

Exactamundo.
One of my pals thought that he was helping a down and out alky buddy by giving him bags of food rather than cash because he couldn't spend the cash on booze.The guy, of course, drank more, not less.  He was not helping, he was enabling.

Ms. Erable's picture

I'm sure that, for some of the young ladies spending their loan money for spring break trips, this is a legitimate educational expense. Really, with 'credentials' like some I've seen, I have no doubt some of them are going to have banksters snorting lines off their tits in a few short years - and whores need training, too.

greenskeeper carl's picture

Ya the same logic applies to food stamps as well. The tired canard that this is any different from giving people direct cash. If your food budget is 400 a month, and you get 300 in food stamps, you now have an extra 300 dollars to spend on other things, like drugs and alcohol, since you have 300 worth of food.

not dead yet's picture

Some food stamp people get a shopping list from their bartender or drug supplier and trade the food for booze or drugs for pennies on the dollar. Before there were EBT cards there were actual coupons and your local bartender was buying and selling them. College kids are also eligible for food stamps. States can opt out of some categories for food stamps and a few years ago Michigan decided not to give food stamps to college kids. So how many of these kids are also getting food stamps using them to support their booze and drug habits?

prime american's picture
prime american (not verified) not dead yet Mar 10, 2017 5:57 AM

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... http://bit.ly/2jdTzrM

lurker since 2012's picture

That reminds me of my old favorite, "I'm not a Gynecologist but i will take look anyway."

Grumbleduke's picture

"I didn't see people who looked like me on TV or shared my experiences until Ugly Betty,"

Poor little ass-cake, let me share a tear with you. Not.

At least she got to see someone that looks like her. In a movie! Can you believe that?!(wetting underwear, while dancing)

Don't watch many movies anymore, but I'm sure that I never saw any asshole acting in a movie that looks like me (an original asshole).

It's very important to be portrayed in a shallow, fast forgotten output that Hollywood produces - the only meaning left for those empty shells.

Disgusting waste of oxygen.

gatorengineer's picture

So if you had an hour of a show with a black, muslim, transvestite, with body image issues, who was handicapped, would that count for 1 hour or 5 hours of inclusive programming?

williambanzai7's picture

What about Vanessa Del Rio?

Nobodys Home's picture

Now I know how old you are.....lol

Doom Porn Star's picture

I remember that 'sandwich'..

 

DaveA's picture

In "Superman III", the computer programmer who implements a worldwide penny-shaving scheme was played by Richard Pryor.

In "Dolphin Tale", the two white engineers who designed and built a prosthetic dolphin tail were merged into one character and played by Morgan Freeman.

In "Hidden Figures", the blue-eyed, straight-haired, light-skinned Katherine Johnson was played by a black woman.

Hollywood has been doing this racial inversion since forever. Luckily, white actors can still get roles as pimps, hookers, drug dealers, and deranged psychopaths.

MANvsMACHINE's picture

Die Hard. Wasn't the dude responsible for cracking the safe code black?

not dead yet's picture

Same guy had a major continuing role on the Chuck Norris show.

New_Meat's picture

We Demand the RETURN of RoboTrader!

WB7 will be REQUIRED to provide "classic" Visual Combat

- Ned

{we will not, however, require Leo to return with Chinese Solar Pr0N"

turnball the banker's picture
turnball the banker (not verified) thegazzman Mar 9, 2017 6:55 PM

ZH should show us a picture of her cunt hey mate

The Management's picture

Well, if this results in more drop-outs and higher birthrates im all for it.

Unless they were engineering students or something useful.

In which case they should be working on an internship on The Wall.

peddling-fiction's picture

gazz, here is my good samaritan act of the day.

Search by image (copy the image url) on Google.

You will find it rewarding.

cbxer55's picture

I was gonna post the same exact thing. I want a bigger pic in the article so I can fix as my screen saver!  LOL

realname5's picture

Here for all the people who request better res picture

http://i.imgur.com/mlhmXjD.jpg

flea's picture

Thank you! Finally after all the blah blah blather of the comments, someone cut to the core of the issue.

JTPatroit's picture

What, your mommy won't let you google "Spring Break Girls"? Here you go

 

http://www.hotelesen-cancun.com/spring-break/spring-break.jpg

 

BigFatUglyBubble's picture

Yea.  The more debt you are in the better your Fun/work ratio.

It's the Jewmerican way. 

Escrava Isaura's picture

It's the Jewmerican way. 

Only Jews? Are you sure?

Trump's Mar-a-Lago trips cost taxpayers about $10 million dollars so far

http://www.cbsnews.com/news/president-trump-mar-a-lago-trips-cost-taxpayers-millions/

 

nope-1004's picture

Vertical axis on that debt chart above needs to be out of 50, not 1.3.

Then,  ..  #ProblemSolved

 

Wulfkind's picture

Hope those titties were worth it guys when you get out of College with $150,000 in debt and no prospects but bussing tables at Denny's