The Student Loan Report had collaborated with Pollfish to survey the University students. The answer to the only possible question that they asked surprised the Pollfish team as well. The survey was conducted from 16th of March to 20th of March and a total of one thousand University students were asked whether they have ever made use of Student loan money to invest in Bitcoins.
University Students invest in Cryptos with student loans
Drew Cloud who is the creator of Student Loan Report said, ” Younger 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. However, I truly thought the percentage would be lower. As a college student, your budget is thin and that extra money could be used on rent, groceries, or books”.
According to survey reports, about 21.2% University students have used the student loan money to invest in Cryptos. In all the four days, the survey found that one-fourth of the thousand students said that they did use the loan money to invest in digital currency.
The report said that since the loan money is given as ‘living expenses’, the students can make use of it in Cryptos. The students usually applies for a loan more than their semester fees and once they submit the fees money, the refund is sent back to them.Whatever money is refunded back to the students is spent by the loan-seeker.
“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. 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”, said Mr Cloud.