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“the Emotional Toll Of Student Loan Debt: Mental Health And Well-being”

Have you ever worried about what your student loan debt might do to your future or current relationship? It’s not uncommon for money to throw a wrench into a couple’s future plans, but How big a problem is it?

The Impact Of Student Loans On College Education

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

One of the biggest obstacles to a serious relationship is trying to get two people on the same page on almost every important topic under the sun. Of course, the collision happened.

More than 43 percent of survey respondents said they fight about money with their partners at least “frequently.” Given the fact that debt is a huge source of stress for individuals, it is not surprising 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:

Student Loan Debt Hurts The Mental Health Of Most Borrowers

But even working together on student loan debt can be devastating. After all, federal student loan repayment plans can last anywhere from 10 to 30 years. Even if you pay off the debt first, you may be in the long run.

The stress caused by this type of debt can wreak havoc on mental health. And one of the victims of the number may be your libido. About a third of respondents claimed to have experienced a decline in their sexual desire due to student loan debt.

As in my case, many people who carry student debt fear that their loans could single-handedly destroy their relationships. The results of this survey, however, show something different.

More than 1/3 of respondents said that when it comes to deciding whether to get serious with someone, the way they handle their debt may be a deal breaker. Less than a quarter said having high debt would be a deal breaker.

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Perhaps even more encouragingly, only 29 percent said the most attractive aspect of a potential partner’s financial health was “no student loan debt.” Compare that to 72 percent who said the ability to budget properly is the most attractive financial aspect.

All of this points to the desire to see a strong financial foundation – and planning for the future can be more important to potential partners than being debt-free today.

It’s important to mention that, although student loan debt isn’t necessarily relationship-damaging, it can cause delays in life and the importance of relationships.

A quarter of respondents have put off moving in with a partner because of student loan debt. Another 35 percent delayed the “marriage discussion.” and 46 percent delayed starting a family.

Student Loans And Mental Health

So what can you do with these findings? Know that, even though student loan debt can make you tired, your love life doesn’t have to suffer for it. Instead, show that you have a debt action plan – how your partner (or future partner) feels encouraged to get the situation under control.

To begin, let go of the emotions that often come with student loan debt, such as feeling overwhelmed, discouraged, angry, scared, or ashamed. Know that having debt doesn’t make you a failure — and that putting off an important moment in life might. Not a serious matter.

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

“Instead of complaining about not being able to buy a house, or start trying to raise a child, celebrate independence. Image of not having to mow your lawn or fix your gutters, and you can leave with friends now. … Enjoy the time you have without the constraints of home and children, and embrace the freedom it gives you.”

For Many Borrowers, Student Loans Are A Mental Health Crisis

If you haven’t told your partner about your debt, and the relationship is dire, now is the time to put your cards on the table. Financial behaviorist Jacquette Timmons advocates avoiding the downside of financial conversations first:

“The goal of these kinds of conversations shouldn’t be to avoid the fear and awkwardness that comes with it. It’s natural! It goes with risky territory — whether you’re the one initiating the conversation or not.”

“Even if you feel bad about your debt, you don’t have to defend yourself. I think that’s a mistake a lot of people make when it comes to sharing information that doesn’t shine the best light on them, or about how they feel about themselves.”

That said, if you’re still too worried about sharing the truth about your debt, understand the gravity of not doing so if you’re planning a life together. Shawna Young, a licensed marriage and family therapist, says it’s important for couples to have an open-door policy when it comes to finances:

Examining 3 Of The Arguments Of The Student Loan Forgiveness Debate

“Financial dishonesty can lead to mistrust and harm such as Unfaithful physically or mentally. Therefore, an honest and open policy is most important in relationships, especially marital relationships.”

Let’s say you’ve been talking, or have been talking a lot, and you’re not going anywhere. It may be time to seek help.

One way to get help is to talk to a marriage or partner counselor. Wiley explained why doing so sooner rather than later is best:

“Most therapists agree: couples often show up for counseling about seven years too late for their marital status. If you’re struggling, don’t wait—get help now.”

Anger, Defiance, Fear Over Supreme Court Decision To Block Student Loan Forgiveness

In addition to marriage counselors, you can also find a qualified financial planner to map out a path for your money. When you have direction and steps to follow, it’s much easier to turn frustration into empowerment and see real progress as you work together toward your future.

Finally, know that staying together is your best chance for success. Don’t hide your feelings of shame if you have debt and don’t judge if your partner has debt. Licensed clinical counselor Rabbi Shlomo Slatkin emphasized the strength of working as a unit:

“Couples who are committed to making it work can weather even the most challenging financial times. It’s not always easy, but with the right tools and the desire to make it work, they can stop the stress of debt from torpedoing their marriage.”

Remember, this is just one of the many obstacles you will have to overcome in your life together. Learning how to do it with money will only make your relationship stronger. Make a financial plan as a couple, be honest about your feelings, and seek help if you need it.

Student Loans Take A Mental Toll On Young People

There can be a time when all this is a distant memory and you will be able to enjoy the real reward: a happy life together.

By traveling abroad, you can earn your bachelor’s degree – without student loan debt. Here are some options.

Is student loan interest deductible? Yes. Here’s how you may qualify for the student loan interest deduction and how to claim it.

If you have credit problems but need a Direct PLUS loan from the government, you may need to do PLUS credit counseling. This is why it is important. Loan Killer – College Debt Causes Depression and Suicide All debt is a burden. Why do student loans, in particular, cause so much emotional distress?

The Jury’s Still Out On That $1.6 Trillion In Student Loan Debt

When billionaire Robert Smith promised to pay off the student loans of a recent Morehouse College graduate, the story went viral. But few people know that his generosity may have saved the lives of some students – according to Letters.

Many students and recent graduates have committed suicide, and hundreds of thousands have contemplated suicide because of the burden of their student loans, according to research and surveys.

Millions of people are suffering from depression, anxiety, and other difficulties because getting an education in the United States now comes with a lifetime of debt.

“What would happen if you killed yourself?” This question appeared in the StudentLoans community on Reddit. “Just weighing my options.”

Effects Debt Has On Your Emotional And Physical Wellbeing — Lwp Llc

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