ALBANY, N.Y. (NEWS10) – Student loan debt is the highest it has ever been in the United States. According to the Federal Reserve, it is the second-highest consumer debt category, second only behind mortgages. So it’s not hard to believe people would go to extra lengths to get rid of their debt including going to jail.
A study conducted by OnePoll on behalf of Splash Financial analyzed 1,000 undergraduates and 1,000 post-graduate degree holders found that 89% of those surveyed see their debt as a financial burden.
Many admitted to making major sacrifices because of their financial situation due to debt including: skipping social events to save money, picking up a second job, and missing crucial life moments such as not attending a loved ones’ wedding or birth to avoid travel costs.
In the study, graduates say they are willing to go a step further if it meant wiping the slate clean on their student loan debt.
What would you do to erase student debt?
- Shaving ones’ head (51%)
- Walk to work for a month (49%)
- Never have caffeine again (40%)
- Relive high school over again (40%)
- No time off from work for a year (40%)
- Spend a week in jail (39%)