When I was in graduate school, one classmate used some of his student loan money to buy a new car. Others used money for vacations, living in expensive apartments, etc.
Part of the problem is the institutions themselves for lending too much money. Another part of the problem is the interest rates they charge.
There needs to be a revamping of the whole student loan system so people aren’t getting out of school with so much debt that it takes 20 years or more to pay off.
And obviously, the cost of attending university is outrageous to begin with.
When I graduated in 2002 I was the only member of my class of 38 Civil Engineering students that had a job and no student loans. The other 37 didn’t have jobs but really enjoyed living the college life with their student loans.
Not only did I not have any loans, I was married, I had a mortgage payment, 2 car payments, utilities, insurance, and child support. Knowing that I would be graduating that June , my now ex-wife, decided to quit her job in April! That was the worst squeeze of my life at the time, but I knew that my salary would double as I had already secured gainful employment upon graduation.
My college roommate got the same $1K loan every year that I got. I also worked summers to supplement my funds. She spent all of her money during first semester. She was the party girl buying pizza for everyone. I stretched my $1K out the entire year. Things were cheaper then!
Also, at Okla St Univ they have been tearing down the old dorms and putting in APARTMENTS! The spoiled generation!!!