Can You Use Student Loans to Go On Spring Break?

Now a lot of people have complained that the loan is too high and that they have a problem paying back. However, what's shocking is while they are in college, many of them choose to spend their loans on vacations.

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.

Students then go on and treat their loan money as if they won the lottery.

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."

Source:

www.yahoo.com...

Now I'm not against a person using their loan money for whatever reasons, but I believe that person is responsible for paying back the loans and there is should be no excuses since in the end that's not their money.

However, sadly we have these irresponsible kids crying that they can't pay their loans when they have been using their money for expensive vacations.

Yea i got a couple if college friends that decided to go to mexico for 6 months on there student loans, thats 23 years ago, and there still paying to this day.

Thats what i call karma

Your op was good till the snowflake part, complaining about complainers snowflake heaven lol.

Now I'm not against a person using their loan money for whatever reasons, but I believe that person is responsible for paying back the loans and there is should be no excuses since in the end that's not their money.

However, sadly we have these snowflakes crying that they can't pay their loans when they have been using their money for expensive vacations.
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Well, these same folks have seen their folks taxed to Hades and back and then have watched as Big Corporations receive even BIGGER handouts and tax breaks than the "Serf Class" (which they then call "Freeloaders" parroting what the CEO of those same corporations says..) Then those same CEOs ship these kids' jobs overseas to get back even more $$$..

I'd opine these same "vacationers" are in-training to be CEOs and/or politicians..

Spring Break = Winter Bust-out.

young people, finding themselves suddenly solvent, may often invest their 'windfall' (for that is how many would see it) in perhaps less than wise diversions, contrary to the supposed purpose of these funds. it happens. in all honesty had i, at college age, found myself in receipt of any significant sum of money, i doubtless would have blown it on a stereo. and some T-shirts.

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.

a reply to: starwarsisreal

I took My Scholarship $$$ that I was supposed to use on room and board and books and went to the Los Angeles County Fair and ran it up to $3,300.00 at the Horse track. I then opened an account and went to play Poker and Vegas trips..

So does this 'trump' Your earlier and I quote "Now I'm not against a person using their loan money for whatever reasons but..." So until the time comes to re-pay the loan "Money plays"..

Now I'd be right behind You if/when these folks get "amnesty" but how will You prove that they pissed it away in Rio and NOT studying?

Lets see, it won't be educations turn at TheTrough for a bit yet.

2008- Auto makers
2010- Banks and lenders
2012- Insurance cabal under the auspices of "Affordable Healthcare"

If they were smart they would organize a committee/collective of students that are receiving this "surplus" and find ways to either invest it or start a few small businesses with the dividends going towards paying off the loans of the members over time.
Even after they graduate or not, the fund would still take care of their monthly payments.
$5,000.00 X 4 students = $20,000.00
You can start a business with that amount, but just think if you had 50-100 students participate........ Yeah, they could make some serious moves!
This could be continued with new students joining the committee/collective as long as the loophole remained open.
Young people will be young people and yes, college is tough and stress ridden.
However, if you can put up with the short term pains in order to accomplish a long term goal, there's no need to repay much over their lifetime.
If it all pans out according to plan, the businesses/investments might even allow members to strictly go to school rather than school + multiple part-time jobs.
Win win and WIN if you think of jobs, adding to the local economy, and the alleviation of added stress throughout their college years.
But that's not cool I guess...

I guess you're not smart until you graduate.

a reply to: JimNasium

Most people work hard for their paychecks and their vacations. No one else pays for my vacation and probably not yours.

This willful misuse of taxpayers money is how the "entitlement " attitudes of tomorrows lawmakers flourishes unchecked today.

But I get it. Why stop at a vacation?

I'm waiting for the first newsbreak about a student loan being used for "gender" change surgery.

originally posted by: NewzNose
a reply to: JimNasium

I'm waiting for the first newsbreak about a student loan being used for "gender" change surgery.

Oh it's coming, Lol.

Pell grants and most student loans do not go to the student directly, they go to the bursar's office and applied to tuition, room/board, meal plans. IF the student took out a loan for greater than those amounts, they'll get issued a check from the college for that remaining amount. Depending on the student's financial situation and type of loan, it's generally hard to borrow more than what those costs are.

You can stay in school, all your life. Get degree's in all kinds of sh$t Die taking college courses. Stick it to the man when you die! Right the f$ck ON!

a reply to: starwarsisreal

only 2 people make money from student loans,banks and schools. How many "online" colleges have been busted/shut down lately? I went to community college,out of state,for 2 yrs.I recall it cost about 6k to become a tool and die maker,in 82 or so. Now we have kids graduating with hotel management degree's,or dance,music,whatever,with 40k loans? And 4 yrs? They have no REAL skill,but the debt.
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?

originally posted by: Blackmarketeer
... it's generally hard to borrow more than what those costs are.

That isn't really the case. The amount that can be borrowed is the full "cost of attendance" a ridiculously large number that has been calculated to include the known costs like tuition and books, but is typically far and above what is truly needed for the room and board part.

This is where kids get in trouble. If you put a few people together in an apartment, there can be quite a surplus especially when ignorant/indulgent parents give their kids additional money for food and housing when they've already been loaned the "appropriate" amount.

All in all, it is a good lesson though since you at least can't default on most of them.

a reply to: NewzNose


But until the bill becomes due, what is the problem? So We can blame folks now for what might happen? I get it now... Let Me get out of the way. If the person receives the $$$ and pisses it away, out of the plumbing they prefer, again, it is none of Your business. If the bill is due on the 23rd, if it hasn't been paid by the end of business on the 23rd, then by all means have at it..

Is it ill advised to piss away school $$$ and get stuck with debt? "Yes, I would concur" But We can't send them to debtors prison before they go delinquent can We? That is like farcebook® using an algorithm of people on Your "Friend" list to establish Your credit..

But then again I should've left the thread alone for 2 reasons:

#1) I don't give a 'snip' on how someone spends their $$$ 1a) I also don't put the hex on them by thinking they will most definitely defraud the Billion $$ company.

#2) I gambled with My scholarship $$ and had nobody to blame if I would've pissed it away and lost it..

a reply to: JimNasium

"What's the problem?"

I think that very question is the very heart of the problem.

a reply to: starwarsisreal

You found a few kids who were able to get loans totaling more than the school bill.

Many people in the US are awarded grants up to $5000 and depending on financial status derived from FAFSA applications up to $27,000 in government backed student loans. The students who get these large loans tend to come from poor households or their family contributes enough for the loan to provide surplus cash after expenses.



That is not common across the board, for example I was eligible for up to $12,500 in student loans a year, which does not even cover the cost of tuition. Further if one already has a degree they are not eligible for most grants, so students seeking further education (or certification) are S.O.L. on that front.

My region has seen an 84% increase in the cost of tuition since 2012. To graduate in four years on must average 17.5 credit hours a semester which generally is about 40+ hours a week which makes earning money on the side very difficult.

FYI those rotten kids are not really all that spoiled, the crazy activist kids are more vocal with access to campus media so they get more attention than the 99% just trying to learn and get in trouble on the weekends.

-FBB

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.

You've inspired me to get financial aid for school now so that I can go triple it playing blackjack!

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?

I agree with hands on skill building, however I am enrolled in an engineering program and most of my fellow class mates try to miss as much class as possible to free up time to do homework and projects. The trend at our top 50 university (not snobby just a common thread among these types of institutions) is that classes which require attendance actually end up with lower scores because it eats away time the students would actually spend trying to complete the crazy load of assignments. The class would be much better spent as office hours where students could ask questions instead of review textbook material we already covered before class.

As far as the artist thing, IDK, however for a class project I wrote a CNC script (python) for automating many of the CNC processes. I literally know nothing about CNC and was just writing the code for mechanical engineers that told me what they wanted the machine to do . . . and then they built a rocket.

Automation is truly going to destroy so much of the manufacturing process, even for software and electronics engineering. Artists might accept a "lower" standard of living but their "skill set" is much more difficult to mimic.

-FBB

Some Life Lessons aren't taught in a classroom.
They should have known better.
No sympathy from me.