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The essential college experience requires all-nighters at the library and, to some, a keg stand or two and a less-than-lucid spring break vacation. And, much like a degree, tequila shots and beachside hotels don’t come cheap.
About one in five American students graduating this year who carry debt said they used student loans to pay for expenses like vacations, dining out, and entertainment, according to a poll conducted in early May by Google Consumer Surveys on behalf of Student Loan Hero. Undergraduates finishing college in 2014 owed an average of $28,950 in student debt, the result of loans taken out to cover both tuition and living expenses.
A graduate of Texas A&M University–Commerce, Eric Hazard would receive a check of $4,000 to $5,000 after the lender paid the school for tuition. The checks "were celebrated across the campus as almost like a bonus for being a college kid," he recalled. "[Students] would go directly to the bank to cash it. I bought electronics for my dorm room and drinks were on me for a month or two. In an abstract way, I knew I would have to pay it back. But you don't have a timeline in your mind about what that was going to look like. I just knew it would happen later."
As a senior, Almon was given a loan check of $1,500. He took a third of it and planned a spring break vacation. "When I got out of school, those first couple years, working and paying down those student loans...it was kind of painful," he said. "Even though I was making some sacrifices to pay that money back, I do not for one second regret that money I spent to go to Cancun."
originally posted by: Blackmarketeer
... it's generally hard to borrow more than what those costs are.
originally posted by: starwarsisreal
a reply to: JimNasium
Still that doesn't give you the excuse to spend your loan money to go and have a good time.
I know someone that uses his loan money to party with his friends at Vegas.
originally posted by: blkcwbyhat
a reply to: starwarsisreal
. . .
A kid I worked with,well a kid at 22,from michigan,went to ASU for business mangmt.Took classes like,"history of rock and roll",and such,4 yrs,at least 40k.I think he was actually in class 6 hours a week for tests.
We need free,HANDS ON technical training if we want to compete in the world market,not office managers trying to save pennies in a budget.Would you rather be a CNC machinist making 25 an hour,or an "artist",selling abstract paintings on a streetcorner,while waiting tables at burger king?