Borrowers would go to dramatic lengths to pay off student debt
What would you do if you could have all of your student loans paid off?
A lot, most students say, including taking a punch from boxer Mike Tyson.
Borrowers would take a punch to end debtA February survey by Lendedu of 513 college graduates found that borrowers would go to great lengths to pay off their debt, according to UPI.
Nearly 57% say they’d take a punch from the heavyweight.
And, perhaps even more surprisingly, more than 57% also say they would give up social media and coffee for life to have their student debt paid off.
Some borrowers are so desperate to pay off their debt, they’re willing to give up a year of their life expectancy–40% of borrowers, in fact.
And others are even willing to honor an often-criticized student loan servicer, with 28% of borrowers saying they would name their first daughter “Sallie Mae” in order to pay off their loans.
Graduates overwhelmed by student debt
While it’s uncertain whether borrowers would actually go these lengths to get rid of their debt, it’s quite telling that so many say they are willing to give up so much to be debt-free.
It also demonstrates just how weighed down many borrowers feel by the burden of their student debt.
You can’t really blame them–students now graduate with an average of $33,000 in student debt, and many struggle to find jobs that allow them to afford their monthly payments.
That’s why many student loan borrowers are falling behind and even defaulting on their student loans.
Alternative options for repaying student debt
Luckily, there are options for borrowers who don’t want to be concussed by a Hall of Fame boxer or give up years of their life.
Many borrowers may find that the new Revised Pay As You Earn (REPAYE) student loan repayment plan can help them better manage their payments–and even get their debt forgiven after a certain number of qualified payments.
Other borrowers may find that the original Pay As You Earn or Income-Based Repayment plan is better for them.
And some borrowers may not realize that they’re already eligible for student loan forgiveness based on their occupation.
Avoid falling behind on student loans
It’s important to make sure you’re taking advantage of all of your options to avoid falling behind on your student debt.
No matter what your student loan status or amount of debt, we can help you get on the best repayment plan for your situation and afford your monthly payments so you’re not tempted by these drastic options.
If you’d like to learn how we can help you repay your student loan debt, call us at 1-888-234-3907 or send us a message and we’ll get back to you right away.