Cryp(ling) Debt

Written by:
Lucie Sadler
Date Posted:
27 March 2018

And people say that students are lazy.

Loans to go 
US Students have caused a stir this week after The Student Loan Report revealed that 1 in 5 students spend part of their student loan on crypto currencies.

Maybe being a student isn’t all about blowing your maintenance loan on cheap booze in America? Or, if you went to university in Brighton, more like brioche and bifter.

The cost of going to college (university to us Brits) is extortionate in the US, especially if you go to Ivy League colleges. Heck, even the ‘community’ colleges are expensive. So, can you blame the savvy students for trying to make an extra buck?

‘Living expenses’
According to the report, after you pay your tuition, the remaining loan money is meant to be used for ‘living expenses’. But there are no rules about what you spend your cash on though. Considering the debt that almost all US students will accrue after they graduate, educators are saying that they are best off putting remaining money into a savings account instead of blowing it on virtual currencies. How sensible.

Bitcoin fail
Students are obviously hoping that crypto currency values will increase and help them pay off their future debts. Or just make them loads of money to spend on tech and booze. Currently Bitcoin has taken a hit, falling 7% to below $8,000 after Twitter announced their ban on cryptocurrency ads. Boo.

Of course, the study was only a small cross-section of students in the US, but there definitely seems to be a trend for resourceful students trying a little side hustle.

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