Survey: College students spend loans on vacations, booze, drugs

SAN ANTONIO -- A new survey found millions of college students are tapping into their student loans to pay for lavish spring break vacations.

LendEDU, a company helping students with their finances, took a survey of 500 college students going on spring break this year. The students who were polled also had student debt.
 
The survey found 30.6 percent of students used their money to pay for a spring break trip this year. 
 
Then the company said it combined data from the National Center for Education Statistics and Orbitz, a traveling company, to poll how many students were going on spring break.
 
LendEDU estimates that nationwide, 2.38 million students are using student loans to pay for a spring break vacation this year. 
 
The company said the survey also found nearly 23 percent of students use loans to pay for alcohol, 33 percent for clothes, 33 percent for dining out, 6.6 percent for drugs and 5.6 percent for gambling. 
 
UTSA senior Destiny Albert said several of her peers have spent their loans on electronics instead of school. Albert has a credit card and also works. She budgets her own money and strictly uses her loans for school. 
 
"I don't use them on material things, TVs, stuff like that. Just what they're designated for," Albert said. "You're here for school. That's your number one priority. So, I mean, as long as you make sure that's squared away, maybe you can get that TV. But don't go all out."
 
LendEDU said the average college student graduates with more than $28,000 in loans. In a previous study, the company found that 49.8 percent of students believed the government would forgive their federal student loan balance.
 

© 2017 KENS-TV


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