Grads Call Student Debt a "Life Sentence"

Student loans are considered a "life sentence" by many students who are just graduating from college.

A new survey of recent college grads found 80% believe they will be paying off their loans until the day they die.

The Splash Financial survey found 89% call the debt a "major financial burden."

To chip away at the debt, more than a third of those surveyed said they've skipped social events to save money, taken a side job, or even skipped a family function, like a birth or a wedding, because they didn't have the money to travel.

The survey also found that 43% feel they'll never be able to afford a home because of the debt over their heads. About the same percentage said they can't put money away for retirement either.

According to the study: "When respondents were asked what they would be willing to do in order to erase their student debt, the top responses were as follows: 51% would shave their head, 49% would walk to work for a month, 40% would never have caffeine again, 40% would go back to high school, 40% would never take a day off from work for a full year, and 39% would even spend a week in prison."

Image courtesy Getty

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