A recent study performed by LendEDU, roughly 30% of college students are using their student loans to fund wild weekend getaways and spring break trips.
It isn’t illegal to use that loan money to purchase booze, sun tanning lotion or a new pair of Ray Bans…but many financial experts find it to be not such a wise choice.
Greg McBride, chief financial analyst of
The average student loan debt is $28,000. The default rate on those loans is 11.8 percent, according to LendEDU.
The company conducted a survey of 500-college students who have an outstanding student loan debt and who said that they were planning a spring-break getaway.
The 30 percent response rate translates into 2.83 million students traveling to warmer climates on their loans.
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