According to a survey published Tuesday by The Student Loan Report, 69.3 percent of borrowers would rather have you make a student loan payment than gift a traditional Christmas present this year.
What was in the survey?
On Nov. 10-11, Student Loan Report’s survey asked 1,o00 borrowers, “If you had the choice this year, would you rather receive a gift this holiday season (ex. Christmas gift, Hanukkah gift, Kwanzaa gift) or an equally valued payment towards your student loans?”
Nearly 70 percent answered that they’d opt for the student loan payment, while 30.7 percent would prefer to receive an actual gift.
Sixty-eight percent of the survey’s respondents were between the ages of 18 and 35 years old, making them part of the millennial generation.
If you needed further evidence that millennials are in dire need of student loan payments, the survey reported that 58 percent of the respondents would plan to use any financial Christmas gifts to put toward student loans, while 41.5 percent reported that they would elect to spend the money elsewhere.
Is there more?
- According to studentloans.net’s data, national student loan debt hovers at $1.41 trillion.
- More than 44 million borrowers are responsible for outstanding student loans.
- The average borrower owes more than $31,000 in student loans.
- Approximately 70 percent of college students are indebted to repay student loans.