This is a regression in JDK 8.
In the attached test case, the program consumes almost 40 times more memory on JDK 8 than on JDK 7.
Run the application on JDK 7 and JDK 8 respectively and compare the rough memory consumption, which is printed out. It can be verified by VisualVM.

On JDK 7 I get output like:
Memory before creating the text: 2979272
Memory after creating the text: 1759008
Memory after setting the text: 15285616
Final memory after everything: 18265160

On JDK 8 I get output like:
Memory before creating the text: 2785728
Memory after creating the text: 2194120
Memory after setting the text: 616302904
Final memory after everything: 696162136

The first big chunk of memory is allocated at java.awt.font.TextLine.getComponents().

I have a suspicion that the regression is caused by http://hg.openjdk.java.net/jdk8/jdk8/jdk/rev/aca4a67e560d although I did not verify it.

JDK 7 used is:
java version "1.7.0_76"
Java(TM) SE Runtime Environment (build 1.7.0_76-b13)
Java HotSpot(TM) 64-Bit Server VM (build 24.76-b04, mixed mode)

JDK 8 used is:
java version "1.8.0_31"
Java(TM) SE Runtime Environment (build 1.8.0_31-b13)
Java HotSpot(TM) 64-Bit Server VM (build 25.31-b07, mixed mode)