As students know all too well, it's nearly impossible these days to get through college without acquiring a large sum of student loan debt. In fact, the class of 2015 has been confirmed to be the most indebted graduating class in U.S. history, with 70% of graduates in debt, the average sum being a whopping $35,051.
Those who will inevitably acquire student loan debt during their years in academia often struggle to pay it off quickly. After all, if you're lucky, an entry-level job will pay your rent and buy you enough ramen to make it through each month alive (if not exactly healthy).
So what do students and graduates plan to do about their huge and long-lasting debt? Well, lots of crying, probably. Or is that just me?
According to a recent poll by MyBankTracker of 200 random readers, some grads would resort to rather extreme desperate measures in order to rid themselves of their student loan debt.
The poll found that in order to earn extra money toward paying off student loans, 55% of respondents would be willing to turn their life into a reality show, giving up all privacy and having cameras follow their every move; 30% would be willing to sell an organ; 38% said they would participate in a questionable medical study, as long as it paid well; 32% would sign up to be an active duty service member; and 43% said they would sell half of their possessions.
Whether it be worldly possessions, safety, or physical health, it seems that grads are willing to make some huge sacrifices in order to lessen their debt sentences.
In the poll's published results, MyBankTracker states, "While MyBankTracker does not condone the use of these extreme measures, it’s interesting to see the percentage of respondents who would resort to them." Interesting, indeed. Sounds like a bunch of wealthy guys sitting around a table looking for a cruel laugh, but what do I know?
No matter the poll's intention, it's clear that students are well-aware of the extreme measures they'll have to take for many years to come in order to free themselves of their debt.
The effects of student debt are felt across the board. It can negatively impact a person's credit score when a payment is missed. Many students are coming straight out of higher education with an absolutely thrashed credit score. This creates difficulty for grads when looking for housing, buying insurance, and attempting to start up a business.
This financial instability can even cause stress that has negative effects on personal relationships and social interactions. Previous studies have shown that indebted students tend to suffer from poorer mental and physical health.
With so many signs that the ever-growing national student debt is harming the livelihood of students everywhere, it's hard to imagine that we can continue on this way for much longer.
So, to all my fellow students-in-debt -- stay strong, and continue to hope that better times are ahead of us.
But, until then:
