School loans not always used for school

Madison Rexroat

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.