Student Loans Hobble American Millennials
Half the Millennials shouldering student loan debt are so desperate to shed the load they would give up voting in the next two presidential cycles to even the balance sheet, a survey showed.
In the Credible survey, however, only 13% would give up texting for a year to be debt-free.
Here are the highlights of what respondents said they would be willing to give up for debt forgiveness:
- 49.8% said they would give up their right to vote in the next 2 Presidential elections.
- 43.6% were willing to give up services like Uber or Lyft.
- 42.4% would also give up traveling outside of the country for 5 years.
- 27% said they would be willing to move in with their parents for 5 years.
- 13.2% would give up texting and any mobile messaging equivalent for a year.
- 8.2% said they would prefer to just keep on paying down the debt.
According to the Department of Education, 42.3-M Americans are paying back $1.33-T in federal student loan debt, and lenders are collecting another $64-B in private student loans.
The survey of 500 respondents was conducted Sept. 7-8; no margin of polling error was reported.