After crossing that college graduation stage would you sit behind bars for a week to say bye-bye to student loan debt?
“I’d definitely spend a week in jail man, i consolidated loans and it seems like they just won’t go down,” says Florida Gulf Coast University Graduate Ryan Torr, who like plenty would as well, according to a OnePoll survey on behalf of Splash Financial.
Through 1,000 undergraduates and 1,000 post-graduate degree holders surveyed; 89% see their debt as a financial burden.
“I wouldn’t want to do it financially because it would also hurt me, if you’re talking about an x-amount of dollars, but I’d take the week in jail,” added Torr.
1 in 4 Americans have student loan debt, according to a 2018 report by the federal reserve bank of New York, that’s an estimate of 44.7 million people.
“It can range depending on the profession; it can range all over. “It can be as high as $250,000.” explains Lafayette’s Edward Jones’ Financial Advisor, John Marceaux. “Student loans can be financially confining and often make the student feel trapped. managing student debt while balancing living budgets, and retirement contributions can be quite overwhelming, especially for a young family.”
Based on the most current figures on the federal reserve, Americans now owe more than $1.50 trillion.
According Splash Financial Founder & CEO, Steven Muszynski these survey findings support the fact that the burden of student loans negatively impacts a person’s financial well-being.
Other mentions of what people would do to rid student loan debt include: shaving ones’ head, walk to work for a month, never having caffeine again and even reliving high school all over.