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Tuesday, Sept. 30, 2014

How to pay off all your student debt with one easy tweet

Compiled by JJ Feinauer, Deseret News

Published: Fri, Aug. 22 7:19 p.m. MDT

 As the cost of college continues to go up, recent grads are experimenting with new ways to pay for their education, even begging on the Internet.

As the cost of college continues to go up, recent grads are experimenting with new ways to pay for their education, even begging on the Internet.

(zakokor, Getty Images/iStockphoto)

The heavy burden of student loan debt is affecting more than just millions of pocketbooks nationwide.

According to a Gallup poll released Aug. 7, high student debt is also linked to poor health. The poll found that having student loan debt will likely impact the ranking of physical well-being negatively by 10 percentage points. Those with $50,000 or more in student debt are "less likely to have a strong sense of purpose and to be thriving in their community well-being," according to Gallup.

Such scary scenarios have led many worried millennials to seek out new ways to unload some of the burden. You've probably heard of "hashtag activism," but have you heard of "hashtag freeloading?"

In the wake of the über-viral #icebucketchallenge — where everyone from Oprah Winfrey to that kid you haven't spoken to since high school dump a bucket (or bowl, or pitcher, or sometimes even just a cup) of ice water on their head, and then challenge a few more friends to do the same, or else pay $100 to the ALS Association — frustrated college graduates have adpoted a similar tactic to pay off college loans.

The campaign to enlist others to pay off student loan debt has a few major difference from the Ice Bucket Challenge, most notably that the challenger doesn't have to do anything (besides go to college and accrue massive amounts of student loan debt).

Another major difference seems to be that only the notably wealthy are called out. There's no asking a best friend from across the country to burden his or herself with such a challenge, only the rich and famous need apply.

Of course, while the Ice Bucket Challenge has raised around $40 million, no one seems to take #paymystudentloans seriously.

JJ Feinauer is a Web producer for Moneywise and Opinion on DeseretNews.com. Email: jfeinauer@deseretdigital.com, Twitter: jjfeinauer.

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1. SharpHooks
Lake Sammamish, WA,
Aug. 22, 2014

Mike Lee should try this

2. andyjaggy
American Fork, UT,
Aug. 22, 2014

Or you could pay your own debt that YOU signed up for and agreed to. If you didn't have a good plan in place for paying back the debt that you agreed to (again it's YOUR debt) than you deserve to be broke.