The findings come from polling data provided by The Student Loan Report, a site for general student loan info.

After polling 1000 students who have recently received student loan money, a surprising amount - a little over 20% said they've spent some of that money on cryptocurrencies.

"Living on a tight budget, one would think students would spend that money on groceries, rent or school supplies rather than bitcoin and ethereum." says Drew Cloud the orginizations founder.

U.S. Department of Education weighed in with a statement saying; "Federal student aid funds are to be used only to help meet the costs of attending an eligible institution of higher education. Investing is not considered an appropriate use of federal student aid funds."

The study from The Student Loan Report can be read here.