Graduates Would 'Spend A Week In Jail' To Write Off Student Debt
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Students have said they are willing to go to extreme lengths to eliminate their student debt.
According to Which? University, the average student in England will graduate with debts of over £50,000 and the majority of people with a degree see their debt as an inescapable financial burden that negatively affects their everyday life, according to a study of 1,000 undergraduate and 1,000 postgraduate degree holders conducted by OnePoll on behalf of Splash Financial.
89% of those surveyed see their debt as a financial burden (...shout out to the 11%, if you wanna link me some wonga that would be pretty sweet) and 82% said their debt is affecting major life decisions.
Debt is a huge concern for most graduates and clearly has an affect on a graduates mental health as 'frustrated’ and ‘worried’ were the top words used to describe feelings about student loan debt.
The poll even showed how students are willing to go to drastic measures to get rid of student loan debt as 39% said they would spend a week in jail if it meant their debt was wiped and 40% said they would relive high school.
With house prices skyrocketing 43% of graduates with student loans called buying a house a financial impossibility and 43% said their loans meant they couldn’t save for retirement.
The CEO of Splash Financial said; "These survey findings support the fact that the burden of student loans negatively impacts a person’s financial well-being and it often seems inescapable.
"From grocery shopping to relationship building, it is shaping everyday life. If we’re not careful, it could have massive cultural implications."
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