Loans That Went Wrong!

February 23, 2012 by  Filed under: Loans 

Have you heard of the college student who applies for student loans, gets approved and then spends the money on everything but school? If not, you’re probably wondering what can a person possible spend the money? I will tell you some of the most outlandish things you can spend it on while in college.

When I think of all the things a college student can spend their money on it can be very similar to everyday person. The only difference is that students depend on student loans and everyone else works a standard nine to five to take care of their personal needs and wants.

Everyone loves to shop and look good. There’s a popular saying, “When you dress up you feel better!” I find that to be a true statement. Shopping has been a main attraction to everyone who desires to have the newest line of clothing or look for the season. When you are able to walk into a store, look at a piece of clothing and then proceed to the checkout counter there’s a feeling of power. Now, I’m not sure how much power you will have once you leave the store, but the fact that you have a new shirt, a fresh pair of pants and shoes is all that’s important.

If you add up the amount of money one can spend on clothing it can be scary. Of course, now that you have the new pieces of clothing it’s time to go show them off.

Going out to eat and partying is something that everyone in generally likes to do. The college student might be slightly different. A typical meal for a college student can be something from the cafeteria or a local fast food restaurant, however, when they have the extra money they will find the most expensive place to eat. This one meal can turn into that person paying for everyone else creating debt. When you have more money in college you tend to be a little more generous than normal. Those are things you should be careful of because the money will run out at some point.

Now, one thing that most thought would be at the top was Electronics Devices. Over the past ten years technology has introduced some amazing products and everyone wants them. From the personal computers, phones and other gadgets the need for the next best thing is in our heads.

Another factor to spending money while in college is the impromptu road trip. I’m sure you have been on one before but if not they can get very pricey. The money is also spent on the traditional spring break trip to the beach enjoying other college students to party.

Looking at all we have mentioned we can clearly see where the money from student loans can go. The thing that concerns me is that students are not thinking about their futures. Yes, you can go out and have a great time. Eat at the finest restaurants, take all the road trips and purchase any electronic device you want, however, what happens when you graduate from college and it’s time to start paying that money back? Better yet, what happens if you do not graduate and it’s time to start paying the money back? Either way, you have wasted valuable resources having a good time for the moment, but now you’re forced to the reality of the situation.

Study show that more and more students are having a hard time finding quality work after college. That means that more than likely your parents are not trying to take care of you anymore and are expecting you to be responsible. The money that was spent having fun in college is gone and the lender is ready for you to start making payments.

Those are things that you want to think about before going overboard with your spending.

Robin Wood
Personal Loans
Payday Loans

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