I’m like you. I have those distant friends from high school that are always clogging up my Instagram feed. In fact, if one of my peers isn’t boasting about marriage, having a baby, or getting a new puppy, they are almost certainly posting about a recent vacation.
Although naturally at first I was envious, I’ve since become increasingly suspicious. It seemed as though some people were embarking on countless adventures – first in Mexico, then Bali, and now Prague? What gives?
How are these millennials affording so many vacations while they’re in school? Especially in the midst of a $1.3 Trillion student debt crisis. And then it hit me: FOMO.
Fear Of Missing Out (FOMO) is a real issue our generation has been plagued by. So much so, that a recent poll of college students through LendEDU found that “nearly a third (30.60%) stated that they’re using student loan money to help pay for their spring break trip”. Apparently, the same study found that 49.80% of college students (incorrectly) believed the government would forgive their federal student loan balance later in life.
Now, I would be lying if I told you I didn’t consider it myself, but as I became more financially-literate, I realized it was a big mistake. Can you imagine the hundreds of dollars in interest on top of the cost of the vacation? What will they do? And why aren’t we talking about it as if it’s a real problem?
Surely, after all our hard work in school, we deserve a break. But at what cost? If you can’t afford a luxury vacation without using student loans, then maybe you’re not ready to take one. I mean, is drowning in student debt worth that perfect selfie on the beach? Figure it out friends.