Ball & Chain: 4 In 5 College Grads View Their Student Loans As A �Life Sentence�
The extravagant cost of higher education in the United States is a hotly debated topic these days, and for good reason. An entire generation of Americans are entering the workforce already handcuffed financially by, in the majority of cases, tens of thousands of dollars of student debt. Consequently, it�s never felt harder for the average young adult fresh out of college to establish themselves, purchase a home, and adequately provide for their family. In fact, according to a new survey of 2,000 recent college graduates, 80% see their student loans as a �life sentence� that they will be paying off until the day they die.
In all, 89% consider their student debt, at the very least, as a major financial burden.
The survey, commissioned by Splash Financial, also asked participants � broken up into 1,000 undergraduate and 1,000 postgraduate degree holders � about the sacrifices they�ve had to make because of their student debt. Among the most common responses were skipping a social event to save money (39%), starting a side hustle for supplementary income (39%), serious budgeting (38%), and taking a job they really didn�t want in order to pay bills (36%).
On a rather depressing note, 36% even said they had skipped a family member or loved one�s important life event (wedding, birth, funeral) because they couldn�t afford travel costs on top of their student loan payment that month. Additionally, 35% say they are living in a dangerous neighborhood all to save a few bucks on rent each month.
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In all, 89% consider their student debt, at the very least, as a major financial burden.
The survey, commissioned by Splash Financial, also asked participants � broken up into 1,000 undergraduate and 1,000 postgraduate degree holders � about the sacrifices they�ve had to make because of their student debt. Among the most common responses were skipping a social event to save money (39%), starting a side hustle for supplementary income (39%), serious budgeting (38%), and taking a job they really didn�t want in order to pay bills (36%).
On a rather depressing note, 36% even said they had skipped a family member or loved one�s important life event (wedding, birth, funeral) because they couldn�t afford travel costs on top of their student loan payment that month. Additionally, 35% say they are living in a dangerous neighborhood all to save a few bucks on rent each month.
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