The Student Loan Report which was established by Drew Cloud back in 2016 to come up with unbiased coverage of the latest student loan news and information. Also, the Student Loan Report creates resources and guides for borrowers and their families in order to make the good decisions concerning payments for college and repaying students.
From last week Friday, the 16th to this Tuesday the 20th of March a survey was conducted by the Student Loan Report in partnership with Pollfish.
Pollfish is a survey web platform that allows individuals to create surveys and deploy them on selected audiences. The survey consists of 1,000 current university students associated with loan debt. The survey asked questions like, have you ever used student loan money to invest in cryptocurrencies like Bitcoin? The numbers the got amazed the pollster.
Drew Cloud, the founder of the Student Loan Report and the Chief Business Officer for Brooklyn Sports and Entertainment told the Boston Globe newspaper that; Young Americans are certainly the most enthusiastic about cryptocurrency, they are the most active investors and want to get involved in the space in any way possible. He added; However, I truly thought the percentage would be lower. As a college student, your budget is thin and that extra money could be used for rent, groceries, or books.
The survey indicates that it found that 21.2 percent of current college students with student loan debt have used financial aid money to fund a cryptocurrency investment. For four straight days, students were asked one question regarding purchasing digital currency with loan money. A good number of them replied with yes.
The Student Loan Report claims that: Student loan borrowers would be able to pull off such a maneuver because they are giving their remaining student loan funds to be used for living expenses. Sometimes, student debtors borrow more than they end up needing for that semester of classes. Once the borrowers’ college or university’s financial aid office uses the necessary financial aid to pay for courses, they send a refund check to the borrower.
Those who answered yes to the question about bitcoin recorded up to 21.20 percent. The funds the college or university students loan is not usually tracked officially. Therefore anything that is leftover the debtor can spend it however he desires. The survey, however, should have at least asked how much the average college or university student spent their financial aid on cryptocurrency.
Mr. Cloud finally stated that Cryptocurrency was the hottest investment of 2017, especially for young Americans, so it is easy to understand why many college borrowers would think it was a savvy way to spend their refund checks. He also added that; Some might have even figured that they would be able to quickly pay off their student debt because not long ago every single virtual currency was experiencing seemingly unstoppable growth.