Student Loan Debt And Its Connection To Mental Health Stigma – Black #StudentLoan borrowers bear the heaviest #StudentDebt burden. How does this affect their #mental health? Find out this short summary @

About 45 million Americans have $1.7 trillion in student loan debt, but black borrowers face many financial challenges. Black students are more likely to borrow, borrow more, and struggle to repay than their peers because they collectively have fewer resources due to the generational and ongoing effects of structural racism. This debt burden has far-reaching financial consequences, and research also shows that student debt contributes to poor mental health. In fact, the impact of student debt on people’s mental health can be just as devastating as the financial damage it causes.

Student Loan Debt And Its Connection To Mental Health Stigma

Student Loan Debt And Its Connection To Mental Health Stigma

Drawing on responses from the National Black Student Debt Study, this brief describes how student debt has affected black borrowers financially and mentally—64% of respondents reported that student debt has negatively affected their mental health.

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Student debt is on the rise, as is the mental health crisis among black borrowers. But while the situation is dire, it’s also a byproduct of failed and intentionally racist policies spanning generations, which means it can be solved with better public policies, such as those listed below.

Due to systemic racism, wealth inequality, a stratified labor market, and rising college costs, black borrowers are among those most negatively affected by student loans.

Racial wage and wealth disparities make student loan repayment especially challenging for black borrowers. In 2020, black full-time, year-round workers aged 25 to 64 with a college degree or higher had median earnings of $65,135, compared to $77,162 for white workers with a bachelor’s degree. In fact, black workers need professional degrees to outperform white workers with bachelor’s degrees. The racial wealth gap is even more significant than the racial wage gap, and the former reflects the accumulated negative effects of centuries of systemic racism, including but not limited to slavery, Jim Crow laws, redlining, credit discrimination, and labor market and wage discrimination. In 2019, the median wealth of a black household was just $24,100 compared to the median white household of $188,200.

Several borrowers noted that the lack of family wealth was a source of stress, and that the high cost of college education made it unrealistic for blacks facing systemic oppression to pursue higher education without taking on debt.

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“I feel like the chips have been stacked against the Black/African American community more than other minority communities since day one because Black African Americans are disproportionately underserved.”

Financial stress can affect a person’s physical and mental well-being. A 2015 study on the impact of student loan debt on adults aged 25-31 found that student loan debt is associated with poorer mental health. Meanwhile, several studies suggest that heavy debt can be harmful to health: a March 2021 survey of more than 2,300 borrowers with high credit balances found that 1 in 14 had suicidal thoughts while paying off and had high debt/ income ratio. ratio was the main factor associated with poor mental health. Data from the National Longitudinal Study of Adolescent Health, based on a survey of 8,400 young adults, found that high debt relative to available assets was associated with higher perceived stress and depression; a survey of 1,430 older adults also found that debt is associated with serious mental health consequences, including increased rates of depression, anxiety and anger.

Please note that “NO” corresponds to borrowers who entered repayment and did not participate in an IDR package;

Student Loan Debt And Its Connection To Mental Health Stigma

Our study replicates these findings: 64% of our survey participants reported that student debt had a negative impact on their mental health. And while income-driven repayment plans are routinely offered as a solution to the student debt crisis, the majority of study participants who participated in these plans still said that student debt was their primary source of financial stress and burdened them. mental health (see Table 1). Participants said stress stems from mounting and unpayable debt balances and monthly payments that limit their ability to meet basic needs, even when the payment is based on their income. Companies on this site are compensated, and this compensation may affect how and where offers appear on this site (such as ordering). it does not include all lenders, savings products or credit options available on the market.

Student Loan Debt Among Educators

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Have you ever worried about how your student loan debt might affect your future or current relationship? It’s not unusual for money to be a key factor in a couple’s future plans, but how big of an issue is it?

We wanted to find out, so we asked more than 1,000 borrowers about their experiences with student loan debt and their relationships. Here’s what we learned.

One of the biggest obstacles to serious relationships is trying to get two people on the same page on almost every important topic. Clashes will inevitably occur.

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More than 43 percent of those surveyed said they fight with their partners about money at least “somewhat often.” Given the fact that debt is a major source of stress for individuals, it’s no surprise that it can lead to stress for couples.

On the plus side, being open and honest about student loan debt has helped some couples work together:

But even working together on student loan debt can take a toll. After all, federal student loan repayment plans can take anywhere from 10 to 30 years. Even paying off your debt early can cost you in the long run.

Student Loan Debt And Its Connection To Mental Health Stigma

The stress caused by this type of debt can have a detrimental effect on mental health. And one casualty of this toll may be your libido. Approximately one-third of respondents claimed that student loan debt had reduced their sexual desire.

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As in my case, many people with student debt fear that their debt alone could destroy their relationship. However, the results of the survey show something quite different.

More than a third of respondents said that when it comes to deciding whether to get serious with someone, their debt management style can be a deal breaker. Less than a quarter said a large amount of debt would be a deal breaker.

Perhaps even more encouragingly, only 29 percent said the most attractive feature of a potential partner’s financial situation was “zero student loan debt.” Compare that to 72 percent who say the ability to budget well is their most attractive financial attribute.

All of this points to the fact that we want to see a strong financial foundation – and that a plan for the future may be more important to potential partners than being debt-free today.

The Should Be Solution To The Student Debt Problem

It’s important to mention that while student loan debt doesn’t necessarily destroy relationships, it can delay major life and relationship milestones.

A quarter of respondents postpone moving in with their partner due to student loan debt. Another 35 percent delayed “the marriage conversation.” And 46 percent delayed starting a family.

So what to make of these findings? Know that while student loan debt can weigh you down, your love life doesn’t have to suffer because of it. Instead, show that you have an action plan for the debt – so your partner (or potential partner) can feel encouraged that the situation is under control.

Student Loan Debt And Its Connection To Mental Health Stigma

To begin, banish the emotions that can often accompany student loan debt, such as burden, frustration, anger, fear, or shame. Know that debt doesn’t make you a failure—and putting off certain life milestones might not be such a bad thing.

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Erin Wiley, a licensed professional clinical counselor, explained how you and your partner can find the positive in your situation:

“Instead of lamenting the fact that you can’t buy a home or start trying for a baby yet, celebrate the freedom of not having to mow the lawn or fix gutters, and being able to go out with friends at a moment’s notice. … Enjoy time without commitments

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