SPRINGFIELD, Mass. (WWLP) – Cell phones, car payments, and even vacations: some young people are spending their student loan money on things that are not related to their educational expenses.
While most students are spending the money they receive on tuition, room, and board, the survey did find that some students were using the funds to purchase luxury items. Three percent even used their student loan money to buy alcohol or drugs.
22News spoke with a financial advisor on how the federal government regulates the type of money that they give students, and where it’s going. We also spoke with a student who said that she has seen this kind of thing firsthand.