According to the Federal Reserve, student loan debt is currently $1.53 trillion. Forty-four million people in America make a student loan payment each month. Many people know that student loans take a financial toll on the borrowers. However, the emotional toll that it takes is something that is not discussed often.
Seventy-four percent of people who were surveyed by the First Republic Bank stated that they were depressed because they had to pay student loans. Fifty-one percent of them stated that they were frustrated because they had to pay student loans. Forty-three percent of people said that they were reluctant to enter into a romantic relationship because of their student loan debt.
Four hundred thousand people are delaying buying homes because of their student loan debt. Klassie Alcine is a graduate of UMKC. She stated the mental side of paying off your student loan debt is very taxing. She also stated that it is frustrating to think that you will have to spend the next 20 to 30 years paying off student loan debt.
Student loans can cause people a great deal of stress and depression. People may be depressed at the thought of student loans long before they even enter college. That is why it is important for people to have a talk with their college advisor or personal finance advisor before they enter college.
It is also important for people to stay on top of their studies. If you fail a course and have to retake it, then you will spend a lot more money. You will also extend the time that you have to spend at the college. This will not only increase the time you spend in college, but it can also delay you entering the workforce. The extra time that you have to spend in college could be spent earning a salary.