• According to a survey, 44 percent of student loan debtors intend to invest in crypto or NFTs

  • According to a recent study, since the start of the student loan freeze in the United States in March 2020, 18 percent of borrowers have used the extra money to invest in crypto or NFTs.

    College Finance, a firm that provides information about student finance choices, polled over 1.000 borrowers to find out how they’re preparing for the start of student loan payments, and what they’ve been doing with the money they’ve saved that didn’t have to go toward debt.

    Meanwhile, the Biden-Harris administration extended the student loan payment freeze and interest waiver until May of next year, saving $4 billion a month for 41 million students.

    Extra cash

    With the commencement of the pandemic in the United States, federal student loan interest rates have been set to 0%, and payments have been suspended.

    Borrowers in the survey were spending $385 toward their student loan debt on a monthly basis, but since the hiatus, the majority of this money has been repurposed–only 12% reported continuing with payments.

    Since the hiatus began, 18% of borrowers have used the extra cash they’ve saved to invest in bitcoin or NFTs.

    Millennials and Gen Xers were less inclined than Gen Zers (20%) to utilize their spare cash to invest in bitcoin and NFTs (18 percent apiece).

    Getting ready for those pesky payments

    According to College Finance, when payments start, 30% of polled borrowers plan to pursue for forbearance or postponement, and nearly one-quarter plan to avoid payments entirely.

    Meanwhile, the poll results revealed that roughly one-tenth of debtors intend to rely on crypto and NFT revenues to make their payments once the hold is lifted.

    However, a larger proportion of polled debtors (44 percent) claimed that they want to invest in crypto or NFTs as they prepare to restart payments–with Gen Zers emerging as the generation most inclined to do so.

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