62% of Borrowers Would Give Up 2020 Vote to Erase Their Student Loan Debt
LendEDU's survey of 1,000 student loan borrowers also found that 30% would enlist to fight in a hypothetical World War 3 for student loan forgiveness.
The average student loan borrower owes $28,565 in student loan debt, and many of them will be paying off this debt for well over a decade.
For Americans trying to move forward with their finances after college, monthly student loan payments year after year can be a drag. Buying a house or starting a family in your mid-to-late twenties isn’t as easy as it once was, and student loan debt plays a major factor in that.
How desperate are borrowers to move on from their student loan debt?
LendEDU posed a series of questions to 1,000 adult Americans with student loan debt to find out. Respondents had to decide if they would go through with each hypothetical scenario to have their student loan debt completely forgiven.
1,000 adult Americans with some amount of student loan debt were posed 11 hypothetical scenarios to find out.
Each question was structured like this:
Give up the use of social media for five years
Give up your right to vote in the 2020 presidential election
Give up all streaming services (Netflix, Hulu, Amazon, Disney+, etc.) for life
Give up internet access for one year
Give up the use of all payment methods besides cash (credit/debit, mobile pay, etc.) for life
Give up the use of Google Search for life
Give up being vegan for life or have to become vegan for life
Give up the use of a smartphone for life (can still use flip phone/standard cell phone)
Enlist to fight in a hypothetical World War 3
Give up the ability to travel anywhere on vacation for the next 30 years
Give up hot showers for the next 25 years
All data found within this report derives from an online survey commissioned by LendEDU and conducted by polling company Pollfish. In total, 1,000 adult Americans ages 18 and up with student loan debt were polled.
Respondents were only allowed to proceed to the survey if they were 18 or older, from the United States, and had some amount of student loan debt. The first two criterion were found through Pollfish’s filtering features that allowed us to filter on both age and location. The last criterion was found through a screener question that respondents had to answer correctly to proceed.
This poll was conducted on January 10, 2020. Respondents were asked to answer each question truthfully and to the best of their abilities.
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