With the holiday season in full swing, many people are starting to let their friends and family know what they may want this year as a gift. For some, it’s a new coffee pot or a gift card to their favorite restaurant. But for many others, it’s something a little different.
According to Business Insider, a new survey released by the Student Loan Report shows 69.3% of people that are in debt due to student loans would rather receive money to help pay them off rather than a new bike or a pair of shoes.
Just in the United States, there are 44 million people in debt due to their student loans. Collectively, they are carrying around $1.4 trillion in money that needs to be paid back.
In a survey separate to the one discussed above, the Student Loan Report asked what student debtors would do with the money they received as holiday gifts. Approximately 58% of them said they would put it toward their loans and debt. However, it is important to note that the surveys do not ask if individuals actually request money specifically for their debt for the holiday season, just if they would prefer loan money over gifts.
According to the Washington Post, the New York Times has once reported on the topic of student debt and how it can impact an individual’s future.
“Few people realize that the loans they take out to pay for their education could eventually derail their careers,” the New York Times reported. “But in 19 states, government agencies can seize state-issued professional licenses from residents who default on their educational debts … Going after professional licenses stands out as especially punitive.”
Student borrowing, as well as the number of students enrolled, has increased over the past few decades. Between 2000 and 2014, the total amount of outstanding federal student debt almost quadrupled to surpass $1.1 trillion. For those stressing over what to give the millennial in their family this year for a holiday gift, stress no more. Sometimes, the best gift is one that can put them in a good financial spot for the future, instead of a material item.