The survey, conducted by OnePoll on behalf of Splash Financial, interviewed 1,000 undergraduate and graduate-level degree holders, with the most interesting insight coming from their answers regarding erasing student debt.
Thirty-nine percent of participants said they would spend an entire week in jail, 40 percent said they would sacrifice days off of work for a whole year and another 40 percent said they would never have coffee again.
Other results from that question showed 51 percent of survey-takers claiming they would shave their head, 49 percent saying they would walk to work for a month and another 40 percent revealing they would relive high school all over again.
Last year, the average student loan balance hit a record high at $35,359 per borrower, while the total amount of outstanding student loans reached an all-time high in 2019 at $1.41 trillion, according to credit reporting agency Experian. That makes for a 6 percent increase from 2018 to this year and a 33 percent increase since 2014, when total debt was $1.06 trillion, according to a recent Trends in College Pricing Highlights College Board report.
Meanwhile, other insights gleaned from the study include the financial unlikelihood of saving for retirement or buying a house while burdened with student debt, as well as other sacrifices borrowers are forced to make in order to prevent defaulting on a student loan. Many participants revealed skipping social events and gatherings and working side jobs to make ends meet and work off mounting student debt as well.