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Student loan debt is a reality for many U.S. adults.
For many, taking out student loans is often the only way to afford higher education.
Going to school was an investment in yourself and your future.
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Impact of Student Debt
Debtcan have a variety of negative effects on a person’s life.
These can vary depending on factors ranging from an individual’s financial resources to their coping abilities.
For many, the toll that debt takes can be serious.
Research also suggests that student debt contributes to worse quality of life, emotional exhaustion,burnout, anddepression.
Debt can contribute to many people’s feelings of regret,stress, anger, and anxiety.
Such feelings are often more pronounced when people are struggling to make payments.
This is perhaps why 54% of adults reported that student loans were “not worth it.”
The survey also found that 62% of adults reported that theirstudent loans negatively affect their mental health.
This detrimental impact on psychological well-being becomes more pronounced the less an individual earns.
Evidence also suggests that student debt can ultimately affect the financial trajectory of a person’s life.
Young college-educated adults without student debt have a net worth seven times higher than those with student loan debt.
College debt can also contribute to feelings ofshameand isolation.
For some people, this means trying to hide their debt from others out of feelings of embarrassment orguilt.
Others may cope by trying to ignore the problem, which can then contribute to other problems.
Remember What Youve Gained
Remember that your college education is an investment in yourself.
You were doing your best and making the decisions that worked for you at the time.
Show yourself a little kindness rather than beating yourself up for those choices.
Be proactive about making payments on your loans.
The sooner you get them paid off, the better you’ll feel about your college experience overall.
But if you’re struggling with college debt, remember that you’re not alone.
There are resources available that may help you get on track financially.
Speak with your financial aid office or consult a financial advisor to develop a plan that works for you.
ThePublic Service Loan Forgiveness programoffers forgiveness on federal student loans to encourage people to enter public service.
Other options may help include switching to a different repayment plan or consolidating multiple loans into a single loan.
Caring for yourself means you’ll be moreresilientand better able to manage stress without slipping intoruminationandregret.
A Word From Verywell
Its important to remember that regretting the past wont change the present.
Educating yourself about your options is a good place to start.
Talk to a financial professional and look for steps you might take to deal with your debt effectively.
Federal Reserve Bank of St. Louis.Student Loans Owned and Securitized.
The Institute for Student Access and Success.Student Debt and the Class of 2019.
2017;81(6):101. doi:10.5688/ajpe816101
CNBC.CNBC/Momentive poll: “Invest In You” January 2022.
Pew Research Center.Young adults, student debt and economic well-being.
Rosenzweig E, Gilovich T.Buyer’s remorse or missed opportunity?
Differential regrets for material and experiential purchases.J Pers Soc Psychol.
Federal Student Aid.Student loan forgiveness (and other ways the government can help you repay your loans.
American Psychological Association.Stress in America: Paying with our health.
