But most would not give up texting
They’d vote for this option.
About half (49.8%) of people ages 18-34 say they would give up their right to vote in the next two presidential elections to get their student debt forgiven, according to a survey of 500 millennials by student loan information site Credible. They’d also be willing to never use an Uber or Lyft again (44%) and to avoid traveling outside the U.S. for five years (42%).
One thing millennials aren’t willing to give up to have their debt forgiven? Texting, with only 13% saying they’d give up texting or mobile messaging for a year to have their student loans forgiven.
Before you scoff at this survey, consider this: Student loan debt has climbed to $1.45 trillion, and plenty of this is borne by millennials. Recent graduates who borrowed money leave school with more than $35,000 in debt. And according to data from Student Loan Hero, the average monthly student loan payment for a borrower ages 20-30 is $351 — a heavy burden to bear when you’re supporting yourself on a $30,000 a year job.
Plus, the stress of student loan debt is taking a toll on millennials’ mental health, research shows. Data from Prudential concludes that “about two-thirds of current student borrowers and college graduates still paying on their student loans consider college debt an emotional burden. Significant percentages of these borrowers report feeling frustrated, anxious, sad or even angry when they think about what they spent to go to college.”
What’s more, their future financial health is being impacted by the burden of their student loans. Student debt is delaying millennials from buying home and saving for retirement. And currently, “among those still paying on their student loans, nearly four in 10 say they are struggling financially,” Prudential found.
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