College kids are broke. What are students really paying for with loans from the International Bank of Mom and Dad?

If you have a kid in college there's a good chance that he or she will ask to borrow money from you. He'll probably tell you that it's for books, rent or maybe even food. All of those things are necessities for a 20 something year old in life of academia.

However, studies show that when college kids ask their parents for cash it's going to the party fund more often than not.

According to OPP Loans, the average students spends roughly 15% of their money on partying alone. It's also reported that over 30% of millennials lie to their parents about their frivolous spending habits. This can't be a surprise to anyone. We all went through similar experiences.

Experts say that the only way around the college kid in your life not spending their money wisely is to handle all of the purchases yourself online. I'm sorry but I thought they were supposed to be adults?

When my parents inquire about my outstanding loans through them I always defer. I didn't need to learn that through some fancy school.

WRRV

Read more:

BONUS VIDEO