How much of this should the American taxpayer subsidize?
A large percentage of the $1.48 trillion student loan debt accumulated by Americans was never spent on tuition at all. Instead, much of that money went towards everything from beer, Bitcoin, spring break shenanigans and exotic reptiles.
More than one in five; or 21.2% of college students, surveyed by The Student Loan Report admitted to spending student loan money on cryptocurrencies like Bitcoin (BTC). That speculation is risky because Bitcoins lost almost 65% of their value between December 2017 and April 2018. A Bitcoin was trading at $19,205.11 on December 17, 2017, and $6,701.40 on April 5, 2018, data from Coinbase indicates. (Read complete column)
How many surprised looks are there among the readers? Any guess? I’m not at all shocked. What else would you expect from our undisciplined and coddled children? All they’ve learned so far is that someone will always be there to bail them out. If not mom and dad, then Uncle Sam. Someone will save them.
It’s time to send a message to the next generation of business typhoons (yes that is exactly what I meant) that every action has a reaction. As the name infers repayment is expected. Therein is the major difference between a student loan and a grant. They signed the contract. Time to step up and pay your up.
Business people that speculated with company funds are prosecuted. It should be the same for those that squander their educational money. There are ways to audit this spending, why should we let this slide, too. It’s time for the real education to begin.