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

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(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%)

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