Graduates would spend a week in jail, shave heads to erase student debt, study says

How far would you go to have your student loans wiped clean?

A new study found that 39-percent of people surveyed are willing to spend a week behind bars if it meant being student loan debt-free.

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The study was conducted by OnePoll on behalf of Splash Financial, the New York Post reported. They surveyed 1,000 undergraduate and 1,000 postgraduate degree holders for their results.

Other drastic measures students were willing to make in exchange for a zero balance on their student loans include:

  • Shave their head (51-percent)
  • Walk to work for an entire month (49-percent)
  • Never have caffeine again (40-percent)
  • Take no time off from work for an entire year (40-percent)
  • Relive high school all over again (40-percent)

The study also highlighted sacrifices people in debt were having to make because of the burden of their student loans. Many said they were forced to skip social gatherings and that buying a house or saving for retirement were nearly financially impossible.

“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,” said Splash Financial CEO Steve Muszynski. “From grocery shopping to relationship building, it is shaping everyday life. If we’re not careful, it could have massive cultural implications.”