School loans not always used for school
October 24, 2016
The average college graduate accrues $37,000 in student loan debt throughout their college career, but it’s not necessarily for school-related expenses.
In a report on the USA Today College website, it was found that some student loans are not actually used for educational purposes.
A survey conducted by Student Loan Hero found that about half of students use their school loan money for non-educational purposes.
- 3% reported spending it on alcohol and drugs
- 3% used it for vacations
- 13% ate out regularly
- 15% bought new clothes
- 19% used it to pay for car payments and expenses
The majority of non-educational purposes, 41%, included monthly bills like utilities or mobile phones.
See the full article on USA Today College here.