The Negative Impact of Student Loan Debt

The pressures of the holiday season may come and go, but there is one chronic stressor facing students today: loan debt.

Unfortunately, student loan debt has reached a milestone that, well, we wouldn’t call so swell. This debt is causing financial, emotional and even physical problems for the people who are burdened with this responsibility.

According to studies performed, student loan debt is a major stressor and has MANY Americans are overwhelmed.

Student Debt Crisis released a study that offers us a look into the shocking revelation of student loan debt and how it does affect individuals.

Let’s look:

  • About 80 percent of the participants said that their student loan debt PREVENTS them from saving any money for retirement

  • 59 percent of the participants said they CANNOT make large purchases due to their student loan bills and about 56% of them said they CANNOT even purchase a home

  • 86 percent of the respondents said their student loan debt is a major source of stress for them

If those numbers weren’t shocking enough, 56 percent said that their monthly student loan bills were HIGHER than their health insurance and 65 percent said their monthly student loan bills were HIGHER than their grocery budget. In addition, a new study shows that 1 in 8 marriages end in divorce due to student loan debt.

Additional studies have shown that student loan debt takes its toll on individuals and many of them lose sleep over it, experience some type of physical symptoms, and others tend to isolate themselves due to the debt and stress. All are very serious and long term consequences gained from the simple desire to get an education, as well as the impression it was supposed to better their futures.

With all that in mind, you may be wondering just how you can keep your sanity and some savings at the same time. There are ways to do it and as the US Debt Clock approaches the $1.6 trillion dollars in debt the US is in for student loans, you do not have to find yourself there.

 

Reduce Your Student Loan Stress with These Tips

1. Knowledge Is Everything

KNOW your student loan debt. One of the reasons why people stress so much is because they do not totally understand their debt. Take time to review your debt, learn it, and figure out what you can do about it. For example, if you have four student loan accounts, see if you can consolidate them into one. This way, you have one payment, one bill, and three less stressors to worry about.

2. Celebrate Your Achievements

Who says you can’t celebrate even small wins? When you set achievable goals and reach them, take time to celebrate them. If you don’t, you will find yourself in that cycle that continues to burn you out.

Always acknowledge your progress and when you hit one milestone, set the next one for yourself.

3. Focus on You and Not the Debt

It can be harder said than done but you owe it to yourself to relax and not focus on the debt. Hey, after all, it is there and isn’t going away. Think of ways that you can destress yourself such as exercising, yoga, meditating, listening to music, and so on.

Don’t Let Student Loan Debt Rule You

You do not have to become a slave to student loan debt and with some financial management skills and a good financial outlook and plan, you’ll feel like you’re floating down a lazy river rather than bouncing along a bumpy road!