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

Weird

FILE- In this June 15, 2018, file photo, twenty dollar bills are counted in North Andover, Mass. Default on your federal student loans and the government can take up to 15 percent of each paycheck to satisfy your debt. The Education Department can also withhold federal benefits like tax returns and Social Security payments. Garnishment is an effective tool to recoup unpaid loans, private collection agencies enlisted by the Education Department took in over $841.6 million via wage garnishment in the 2018 fiscal year, but it inflicts serious financial strain on borrowers who are already struggling. (AP Photo/Elise Amendola, File)

(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.

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.

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