Some people would do almost anything to get out of debt. Among those caught in the trap are student loan borrowers willing to engage in outrageous behavior. A June 2016 survey of 500 graduate students by Student Loan Report reveals some disturbing (albeit dubious) results given the propensity of sharp-minded youth to be flippant.
In order to wipe their student-loans clean:
- 26.80% of borrowers would contract the Zika Virus
- 62.20% of borrowers would star in a short porn video
- 42.80% of borrowers would give up toilet paper and moist wipes for the next five years
- 50% of borrowers would jump into a gorilla cage
- 8.80% of borrowers would give back their degree
Fallout from student loan borrowers
Why are students willing to go to such lengths?
“The Impact of Student Debt on the Daily Lives of Young Americans,” a 2013 survey by American Student Assistance, provides some insight about the effects of student loans:
- 27% said they found it difficult to buy daily necessities
- 63% said it affected their ability to make larger purchases such as a car
- 75% said it affected their decision or ability to purchase a home
- 29% said they have put off marriage as a result of their student loans
- 43% said it has delayed their decision to start a family
“Twenty percent of all federal loan borrowers have defaulted on their loans, according to new data released by the federal government last week,” stated the Detroit Free Press on July 4, 2016. Federal loans represent 92.5% of the $1.36 trillion in student debt.
The numbers for credit-based private loans are more encouraging where the charge-off rate stands at 2.3% according to a July 8, 2016 report by MeasureOne. Nevertheless, that fraction still represents $2.4B of the $102B owed to private lenders who often turn to collectors to minimize lose.
Whether your consumers are students in default or people simply going through tough times, it makes sense to hire a fully compliant collector that treats people with dignity. Optio Solutions established itself with those principles in mind and today operates under a strict ethical code in all 50 states. Contact us today for a free consultation.
