Survey shows 44% of student loan borrowers plan to invest in crypto or NFTs
While some media outlets paint the crypto craze as a bubble, 44% of student loan borrowers plan to invest in cryptocurrency or NFTs. It seems that while many are still wary, interest among consumers is growing steadily.
According to a recent research, 18 percent of borrowers have used the additional money since the start of the student loan moratorium in March 2020 to invest in crypto or NFTs.
Over 1.000 borrowers were questioned by College Finance, a firm that offers information about student finance choices, to see how they’re preparing for the start of student loan payments and what they’ve been doing with the money they didn’t need to go toward debt.
Meanwhile, the Biden-Harris administration has extended the payment freeze and interest waiver for student loans through May of next year, saving 41 million students $5 billion each month.
With the outbreak of the pandemic in the United States, federal student loan interest rates were lowered to 0% and payments were halted.
Borrowers surveyed were spending $385 toward their student loan debt on a monthly basis on average, but the bulk of this money has been repurposed after the stop, with just 12% reporting continuing with payments.
Since the delay started, 18% of borrowers have used the additional cash to invest in cryptocurrency or non-fiat currencies.
Gen Zers (20%) were more inclined than millennials and Gen Xers to invest their pocketed extra income in bitcoin and NFTs (18 percent apiece).
Getting ready for those pesky payments
According to College Finance, 30% of borrowers surveyed intend to pursue debt forbearance or postponement when payments start, and almost one-quarter plan to skip payments entirely.
Meanwhile, roughly one-tenth of debtors expect to rely on crypto and NFT revenues to meet their payments once the suspension is lifted, according to the poll findings.
However, a larger percentage of borrowers (44 percent) said they expect to invest in crypto or NFTs while they wait for payments to restart, with Gen Zers once again emerging as the most likely demographic to do so.
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The “average bitcoin holding 2021” is a survey that was conducted by the Student Loan Report. The survey showed that 44% of student loan borrowers plan to invest in crypto or NFTs.