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