Student Loans Suck #forgiveallstudentloandebt
As we move into a time with student loan payments, during record inflation, counselors will no doubt see more and more clients struggling with mental health concerns related to poverty. Many counselors are also indebted for education that costs far more than their career-beginning salaries can sustain.
The question becomes: What can we do?
How Student Loans Influence Mental Health and Wellness
Student loans have become a cornerstone of the higher education experience for many individuals in the United States, with the Federal Reserve estimating the total student loan debt to exceed $1.5 trillion in 2021 (Federal Reserve Bank of St. Louis, 2021). While the pursuit of higher education offers numerous benefits such as increased earning potential and personal growth, the looming burden of student loan debt can have significant repercussions on an individual’s mental health and overall wellness.
Psychological Impact of Debt
Research suggests that student loan debt can be a significant source of stress and anxiety for borrowers. A study by Walsemann, Gee, and Gentile (2015) found a consistent relationship between student loan debt and poorer psychological functioning, even after controlling for factors like parental wealth and socioeconomic status. The ever-present knowledge of mounting debt, combined with the uncertainty of the future job market and potential inability to repay loans, can contribute to feelings of hopelessness and despair.
Furthermore, the magnitude of the debt can create feelings of being trapped or locked into specific life decisions. Individuals might feel compelled to accept jobs they don’t want or delay life milestones such as marriage or home ownership due to financial constraints (Dwyer, McCloud, & Hodson, 2012).
Social Implications and Wellness
Apart from the immediate psychological effects, student loans can also exert broader implications on an individual’s social wellness. High debt burdens might discourage graduates from pursuing lower paying, yet socially beneficial careers, like teaching or social work, thereby affecting their job satisfaction and sense of purpose (Rothstein & Rouse, 2011).
Additionally, the pressure of student loan debt can hinder the formation and quality of social relationships. Financial stress can strain partnerships, potentially leading to conflicts over money and divergent financial goals (Dew, 2007). Chronic stress, like the kind that can result from sustained financial worries, has known harmful effects on physical health. Stress can lead to sleep disturbances, increased risk for heart disease, and weakened immune function (Cohen, Janicki-Deverts, & Miller, 2007). For student loan borrowers, the persistent stress from debt might be contributing to a cascade of negative health outcomes, even if indirectly.
The ramifications of student loan debt extend far beyond the financial realm, deeply influencing mental health, social wellness, and overall well-being. As policymakers and educational institutions grapple with the student debt crisis, it’s essential to recognize and address the holistic impacts of such debt on the nation’s youth. Further research and resources must be dedicated to not only finding solutions to the debt itself but also offering mental health support to those feeling overwhelmed by their financial burdens.
How Student Loans Influence Mental Health and Wellness
Student loans have become a cornerstone of the higher education experience for many individuals in the United States, with the Federal Reserve estimating the total student loan debt to exceed $1.5 trillion (about $4,600 per person in the US) in 2021 (Federal Reserve Bank of St. Louis, 2021). While the pursuit of higher education offers many benefits such as increased earning potential and personal growth, the looming burden of student loan debt can have significant repercussions on an individual’s mental health and overall wellness.
Research suggests that student loan debt can be a significant source of stress and anxiety for borrowers. A study by Walsemann, Gee, and Gentile (2015) found a consistent relationship between student loan debt and poorer psychological functioning, even after controlling for factors like parental wealth and socioeconomic status. The ever-present knowledge of mounting debt, combined with the uncertainty of the future job market and potential inability to repay loans, can contribute to feelings of hopelessness and despair.
Furthermore, the size of the debt can create feelings of being trapped or locked into specific life decisions. Individuals might feel compelled to accept jobs they don’t want or delay life milestones such as marriage or home ownership due to financial constraints (Dwyer, McCloud, & Hodson, 2012). Apart from the immediate psychological effects, student loans can also exert broader implications on an individual’s social wellness. High debt burdens might discourage graduates from pursuing lower paying, yet socially beneficial careers, like teaching or social work, thereby affecting their job satisfaction and sense of purpose (Rothstein & Rouse, 2011).
Additionally, the pressure of student loan debt can hinder the formation and quality of social relationships. Financial stress can strain partnerships, potentially leading to conflicts over money and divergent financial goals (Dew, 2007). Chronic stress, like the kind that can result from sustained financial worries, has known harmful effects on physical health. Stress can lead to sleep disturbances, increased risk for heart disease, and weakened immune function (Cohen, Janicki-Deverts, & Miller, 2007). For student loan borrowers, the persistent stress from debt might be contributing to a cascade of negative health outcomes, even if indirectly.
The ramifications of student loan debt extend far beyond the financial realm, deeply influencing mental health, social wellness, and overall well-being. As policymakers and educational institutions grapple with the student debt crisis, it’s essential to recognize and address the holistic impacts of such debt on the nation’s youth. Further research and resources must be dedicated to not only finding solutions to the debt itself but also offering mental health support to those feeling overwhelmed by their financial burdens.
What can we do? (Add ideas to the comments on this post)
Educate Yourself: Familiarize yourself with the current student loan system, its implications, and the proposed policies for debt forgiveness. Knowledge is vital for effective advocacy.
Vote:
Support and vote for candidates who advocate for student loan reform or forgiveness.
Participate in primaries, local elections, and national elections.
Contact Your Representatives:
Write, call, or email your local, state, and federal representatives to express your views on student loan forgiveness. Click here to find your representative
Utilize tools like Resistbot to quickly send letters to your representatives.
Raise Awareness:
Use social media platforms to share information and voice your support for loan forgiveness.
Write op-eds, letters to the editor, or blog posts to share your perspective.
Join or Support Advocacy Groups:
There are several organizations and movements dedicated to student loan reform or forgiveness, such as the Student Debt Crisis or the Debt Collective.
These groups often have campaigns, petitions, and events you can participate in.
Attend Town Hall Meetings: When your representatives hold town hall meetings or public forums, attend and voice your concerns about student loan debt.
Engage in Peaceful Protests and Rallies: Joining peaceful protests or rallies can help bring attention to the cause.
Petition:
Start or sign petitions in support of student loan forgiveness.
Websites like Change.org or We the People can be platforms to start or support petitions.
Support Legislation: Monitor and support federal or state-level bills that push for student loan reform or forgiveness.
Lobby: If you have the resources, consider lobbying or supporting lobbying efforts that push for this policy change.
Educate Others: Host informational sessions, webinars, or community discussions to educate others about the importance and implications of student loan forgiveness.
Engage with Financial Aid Offices: If you’re in college or have connections with academic institutions, engage with financial aid offices and college administrations to promote support for national student loan forgiveness.
Collaborate with Student Unions and Professional Associations: These groups can be influential in amplifying the voices of students and former students.
Remember, policy change often requires a combination of grassroots efforts, policy advocacy, and public awareness. Your advocacy, whether big or small, can play a role in influencing the broader conversation around student loan forgiveness.
References
Cohen, S., Janicki-Deverts, D., & Miller, G. E. (2007). Psychological stress and disease. JAMA, 298(14), 1685–1687.
Dew, J. (2007). Two sides of the same coin? The differing roles of assets and consumer debt in marriage. Journal of Family and Economic Issues, 28(1), 89–104.
Dwyer, R. E., McCloud, L., & Hodson, R. (2012). Debt and graduation from American universities. Social Forces, 90(4), 1133–1155.
Federal Reserve Bank of St. Louis. (2021). Total student loans owned and securitized, outstanding. FRED Economic Data.
Rothstein, J., & Rouse, C. E. (2011). Constrained after college: Student loans and early-career occupational choices. Journal of Public Economics, 95(1–2), 149–163.
Walsemann, K. M., Gee, G. C., & Gentile, D. (2015). Sick of our loans: Student borrowing and the mental health of young adults in the United States. Social Science & Medicine, 124, 85–93.
