If you’re over 40 and reading this story about student loans being used for spring break, your first instinct is to criticize this “idiot generation, and no doubt there’s ample reason to fault this generation of millennials, however part of the fault actually lies with our society and those parent’s who are more inclined to excuse this behavior rather than confront it head on.

Conversely, if you’re a parent saddled with a personal loan or a student working his way through college and actually "paying something" out-of-pocket for your education, chances are there’s no spring break in your future unless you’re a part of the 10% of the top wage earners.

No doubt education is a major investment and low-interest government-backed student loans for many students are the answer.

Moreover, since 1978, the cost of a college education has gone up by a staggering 1,000%, with many colleges charging anywhere from $20/50 thousand a year on tuition alone, with some liberal arts colleges charging as much as $60,000 a year.

With that kind of money floating around, it becomes almost assured that this generation of millennials, who already feel entitled will dip into their student loans and a recent study conducted by LendEDU actually bears that out with 30.6% of college students using their loan money to pay for spring breaks, however, another study conducted last year as that figure at roughly 20%.

Greg McBride, a chief financial analyst of Bankrate.com, in a recent interview, acknowledged that using student loans for spring break is not illegal he advised that; "students should minimize their borrowing during their college years and live a sparse lifestyle."

However, he also acknowledged that students see their classmates using the funds unwisely and feel compelled to fit in.

According to LendEDU, the average college student graduates with $28,000 in loans, with about an 11.8% rate of defaults that the taxpayer is eventually left on the hook for.

Please Share this on Facebook. It's time our government stops guaranteeing massive student loans for kids to squander the money on getting drunk.

Source: NY Post

 
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