The dire situation of student loan debt is no mystery to the millions of Americans who expect to be saddled with this debt well into middle age. Recently, members of the MyBankTracker team were casually discussing their very own burdens regarding student loans and an interesting question came up: What extreme measure would you take to eliminate your college debt?
That’s why we polled 200 MyBankTracker readers to see what they were willing to do in order to obtain the funds to pay off their student loans.
In order to earn more money towards debt repayment:
– More than half of respondents would give up their privacy and participate in a reality TV show
– The majority of respondents would not sell their material possessions
– About one-third of respondents would jeopardize their health
What we think
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 — it shows there are plenty of people who strive to erase their student loan debt as soon as possible.
We always believe that consumers should adapt to their own unique financial circumstances with solutions that best fit their needs.
For borrowers who face economic hardship, there are ways to reduce or postpone student loan payments through deferment, forbearance and income-based repayment programs, which we explain here in more detail. However, despite these options, people just want to pay off their loans — and not simply skip out on their student loans altogether.
Check out the infographic below to see the results of the poll:
Methodology: The data was collected from an ongoing poll of 200 random MyBankTracker readers who responded from July 14, 2015 to August 7, 2015.
Simon Zhen is a research analyst for MyBankTracker. He is an expert on consumer banking products, bank innovations, and financial technology.
Simon has contributed and/or been quoted in major publications and outlets including Consumer Reports, American Banker, Yahoo Finance, U.S. News – World Report, The Huffington Post, Business Insider, Lifehacker, and AOL.com.