Can You Use Student Loans to Go on Spring Break?
One in five spends checks for college on noneducational expenses, a study finds.
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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 such expenses as vacations, dining out, and entertainment, according to a poll1463741859544 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.