Millennials are willing to give up their constitutional rights in order to get out from under their student loan debts, according to a new survey. With a lamentable national student loan debt tally that sits at an all-time high of $1.33 trillion, according to the Department of Education, half of those surveyed said they’d be willing to forgo their voting privileges in exchange for freedom from those loans.
The survey was conducted by Credible, a personal finance website. Five-hundred millennial respondents, aged 18-34, were asked by Credible if they’d be willing to give up their right to vote during the next two presidential elections if they never had to make another loan payment. Fifty percent of those surveyed said yes, they would–the most popular option selected from those presented.
What else would they be willing to give up in exchange for being debt free?
- ditch ride-sharing services like Uber or Lyft (44%)
- give up travel outside of the country for five years (42%)
- move in with their parents for five years 27%
- give up texting at 13%
Only 8.2% of those surveyed preferred to pay off their debt and not give up anything.
According to a similar survey from MoneyTips.com, 42% of Americans (though not entirely all millennials) think President Trump’s administration should forgive all federal student debt in order to help stimulate the economy.
Michael Dubrow, co-founder of MoneyTips, told Fox Business that millennials aged 18-29 were “especially passionate” about it, nearly twice as much as those 50 and older.
“Even if older people are still paying off their loans, younger people paid more and borrowed more for higher education,” Dubrow said in an interview in July.
The Associated Press reported Wednesday that the Trump administration has delayed action on requests for loan forgiveness, according to court documents. Tens of thousands of former students are waiting for a decision as the Education Department holds off on more than 65,000 unapproved claims.
During the 2016 presidential campaign, President Trump proposed that student loans could be forgiven after 15 years of repayment. The Education Department is now reviewing Obama-era rules and current loan forgiveness programs.
The Obama rules would have forbidden schools from asking students to waive their right to sue. Defrauded students would have had a quicker path to get their loans erased, and schools would have been held responsible for the costs.
Education Department spokesman Liz Hill said the agency is working to streamline the process and resolve the claims as quickly as possible. “Unfortunately, the Obama administration left behind thousands of claims, and we will need to set up a fair and equitable system to work through them,” she said.
According to Hill, students with claims pending are not required to make payments on their loans.
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