Study: Graduates would spend a week in jail to erase student loan debt

National and World

Student loan debt is the second-highest consumer debt category, behind only mortgages

(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 one’s 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 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%)

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