Would You Spend a Week in Jail to Eliminate Your Student Debt?
If you went to college, it's a pretty reasonable assumption that you have significant chunk of money floating above your head in the form of student debt. According to debt.org, the average amount borrowed for higher education in the U.S. is $37,172.
In theory, you go to college in order to get a high paying job. Once those (once again, theoretically) big time paychecks start rolling in, you can pay off your student loan and it's clear financial sailing from that point on. The problem is, that isn't exactly how it works in the real world every time. Not all degrees are equal, and some can thrust you into a world of lucrative opportunities while others will lead you not only to lower than expected pay - but a super competitive job market as well. Because of that, some graduates still have this debt haunting them years after their original plan would have paid it off.
A new study conducted by Splash Financial, a student loan refinance company, found that those under the gun of this kind of debt would be willing to go to extreme lengths to eliminate it. The survey asked 1,000 undergraduate and 1,000 postgraduate degree holders how far they would go to become debt free. Here are the results:
- 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%)