Are you concerned about your student loan repayments? ( Picture: Ella Byworth for Metro.co.uk)

If the looming worry of your student loan debt keeps you up at night, you’re not alone. 

The majority of people with a degree see their debt as an inescapable financial burden that negatively affects their everyday life, according to a study of 1,000 undergraduate and 1,000 postgraduate degree holders conducted by OnePoll on behalf of Splash Financial. 

89% of those surveyed see their debt as a financial burden (oh hey, other 11%.  Do you have a load of spare cash handy?)  and many people are making sacrifices to soothe the stress of owing so much. 

Some of those sacrifices include skipping socialising to save money, picking up side hustles, intense budget plans, skipping loved ones’ life events such as weddings or births to avoid travel costs, and taking a job they absolutely hate. 




82% said their debt is affecting major life decisions. 

And of course, that mass of debt doesn’t bode well for young people’s prospects of doing all those markers of adulthood – 43% of graduates with student loans called buying a house a financial impossibility and 43% said their loans meant they couldn’t save for retirement. 

Graduates are willing to take drastic steps if they could erase their student loan debts entirely, including taking no time off work for a year, reliving secondary school, shaving their head, and spending a week in jail. 

And as you’ve probably gathered, all that debt is having an impact on graduates’ mental wellbeing, as ‘frustrated’ and ‘worried’ were the top words used to describe feelings about student loan debt. 

‘These survey findings support the fact that the burden of student loans negatively impacts a person’s financial well-being and it often seems inescapable,’ said the CEO of Splash Financial. ‘ From grocery shopping to relationship building, it is shaping everyday life.  If we’re not careful, it could have massive cultural implications.’ 

Things graduates say are financial impossibilities due to student loans: Buying a house 43%

Saving for retirement 43%

Moving to a new city 42%

Getting a new place to live 39%

Taking a vacation 39%

Buying life insurance 36%

Marriage 35%

Children 35%

Moving out of parents’ house 29%

What graduates would do to erase their student debt: Shave my head 51%

Walk to work for a month 49%

Never have caffeine again 40%

Relive high school over again 40%

No time off from work for a year 40%

Week in jail 39%

Top emotions about student debt: Worried/frustrated 47%

Overwhelmed 41%

Annoyed 40%

Confident 39%

Indifferent 8%

Debt Month This article is part of a month-long focus in November all about debt.  Scary word, we know, but we're hoping if we tackle this head on we'll be able to reduce the shame around money struggles and help everyone improve their understanding of their finances.  Throughout November we'll be publishing first-person accounts of debt, features, advice, and explainers.  You can read everything from the month on the Debt Month tag.  If you have a story to share, a topic you want us to cover, or a question that needs answering, get in touch at MetroLifestyleTeam@Metro.co.uk. 

MORE: Why we’re talking about debt this month

MORE: How I Save: The 24-year-old in Birmingham earning £21,000 a year with £9,450 saved

MORE: How I Save: The British expat IT sales manager in Dubai with £314,678 saved

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