Study: College graduates would spend week in jail, relive high school to erase student loan debt

COLLEGE PARK, MD - MAY 17: Graduates of Bowie State University put messages on their mortarboard hats during the school's graduation ceremony at the Comcast Center on the campus of the University of Maryland May 17, 2013 in College Park, Maryland. (Photo by Chip Somodevilla/Getty Images)

Researchers say four in five college graduates with student loans consider their debt as a life sentence.

According to the New York Post, a OnePoll study conducted on behalf of Splash Financial, found that 89% of  undergraduate and postgraduate degree holders view their debt as a financial burden.

The study featured 2,000 graduates –  1,000 undergraduates and 1,000 postgraduates – and found that many of them make major sacrifices because of their financial situation.  These sacrifices include skipping social events to save money, picking up a second job, and missing crucial life moments such as not attending a loved one’s wedding or birth to avoid travel costs.

The survey asked graduates what they would be willing to do to erase their student loan debt.  Here are some of the “drastic” steps they said they’d be willing to take:

  • Shaving one’s 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%)

Additionally, many participants in the study cited that they felt “frustrated and worried” about their debt (47%), as well as “overwhelmed” (41%) and “annoyed” (40%) when it comes to loan debt.

Forty-three percent of participants also said that buying a house seems impossible, as does saving for retirement.

Read more about this study, here.

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