Whether you celebrate Christmas, Hanukkah, Kwanzaa or are just enjoying time off college this semester break, the holiday season is a time for giving.
Gifts are often exchanged between families and friends at this time of year. However, a Student Loan Report poll has suggested most students would forego a gift in favour of financial aid.
Because what could be more festive than student loan repayments?
The study polled 1,000 students who are currently repaying their student loans. They were asked: “If you had the choice this year, would you rather receive a gift this holiday season (Christmas gift, Hanukkah gift, Kwanzaa gift) or an equally valued payment towards your student loans?”
A large proportion of respondents (69.3 percent) claimed they would prefer a gift in the form of a student loan repayment over another present. Only 30.7 percent said they would rather have a normal present.
The respondents were also asked if they received money as a gift during the holiday season, whether they would spend it repaying student loan debt. Almost 60 percent answered yes. Only 41.5 percent said they would choose to spend their gifted money on other things.
Is it rude if I ask for student loan repayments as Christmas gifts? #hellllllllp
— T O R I (@VRPflibsen) November 27, 2015
The Business Insider reported the growing desire to receive student payments as presents comes at a time when Christmas spending is declining. This trend is surprising as the United States economy continues to prosper.
Student Loan Report claimed approximately 45 million college students (around 70 percent) take out a student loan – with national student loan debt standing at US$1.41 trillion.
Upon graduation, the average college student owes roughly US$28,000 in repayments so it is no surprise many are hoping for financial help.
The poll highlights how serious the issue of student debt is in the US. So, if you are stuck on what to ask for this Christmas, there are always loan repayments.