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Lots of people have mental problems along with their financial ones when they have a lot of student loan debt. Stress from owning tens of thousands or even hundreds of thousands of dollars can hurt your mental health, relationships, and general health. People often say that student loans are an important part of going to school, but the truth is that they can cause stress, sadness, and a sense of being stuck.
You’re not the only one who has ever felt like their college loans were too much to handle. Millions of people who borrow money are stressed about money, and it affects every part of their lives. Why, though, does having student loan debt make people feel so bad?
How Student Loan Debt Impacts Mental Health
1. The Constant Anxiety of Debt
Borrowers see a part of their paycheck go toward loan payments every month. This can be very stressful for people who are having a hard time with money, especially if they feel like the amount never really goes down because of interest building up.
The American Psychological Association did a study that showed that stress over money is one of the main reasons people get anxious and depressed. People with student loans often feel like they have to choose a job based on their debt instead of their interests, which can make them unhappy and burnt out.
2. Delayed Life Milestones
Many people put off big life events like buying a house, getting married, or even starting a family because they can’t afford them. Having a lot of student loan debt can make it hard to save for a house, invest for retirement, or even go on vacation.
The National Association of Realtors found that student loan debt is the main reason why 60% of millennials who haven’t bought a home yet. When money problems keep people from meeting personal goals, it can make them feel frustrated and not good enough.
3. Strained Relationships
There is a lot of stress in relationships that is caused by money, and student loans make things even more difficult. Stress from student loans can put a lot of strain on relationships, whether the user feels bad about their debt or their partner fights over money.
It can be hard for couples to talk about whether they should take on student loans together or keep their money separate. Some users also feel bad about their debt, which makes it hard for them to talk to their friends and family about their problems.
Ways to Manage the Emotional Toll of Student Debt
There are things you can do to get back in charge of your life if student loan debt is making you feel bad.
1. Seek Financial Guidance
Working with a financial advisor can help you develop a repayment strategy, explore refinancing options, or find ways to optimize your budget. A professional can provide clarity and help ease some of the uncertainty of student loans. If you’re looking for financial guidance, check out https://about.me/mattdixon to learn more about financial planning strategies.
2. Explore Repayment Options
If your monthly payments are too much for you to handle, you might want to look into income-driven payback plans, deferment, or refinancing. A lot of people who take out student loans don’t know that flexible repayment choices are meant to make them more affordable based on their income.
3. Focus on Financial Wellness
Debt can feel like it’s taking over your life, but small changes can make a big difference. This could mean setting aside money for emergencies, cutting back on spending you don’t need, or looking for ways to make more money. Having good financial health isn’t just about getting rid of debt; it’s also about making other parts of your life more stable.
4. Prioritize Mental Health
Don’t be afraid to get professional help if your student debt is making you anxious or depressed. Therapists and financial advisers can help you deal with stress and come up with ways to cope. Talking to other people who are going through the same problems can also help and reassure you.
Conclusion
Debt from student loans isn’t just a money problem; it’s also a mental one. Stress, worry, and having to wait for things in life can really hurt mental health. But borrowers can make the load a little lighter by getting financial advice, looking into different ways to pay back the loan, and putting their own health first.
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