Like millions of other students, you were likely filled with an abundance of optimism when you stepped onto your college campus for the first time. However, embarking on this journey to self-improvement may have meant taking on debt in the form of student loans. In this article, Resolvly discusses how this debt is impacting the mental health of graduates everywhere.
A recent study was conducted on college graduates. The purpose of the study was to identify the mental health impact of the growing student debt crisis in America. As part of our mission to help consumers obtain financial freedom, Resolvly offers tips on ways to seek relief from crippling student loan debt.
Student Loan Debt and Mental Health
The importance of higher education is impressed upon students from the moment they begin grade school. While obtaining this education is an essential part of pursuing a wide array of rewarding careers, it is equally important to count the cost of this academic endeavor.
Unfortunately, far too many students are not given the full truth on student loan debt. With the cost of attending a university continually rising, countless graduates are being saddled with tens of thousands of dollars in debt.
Student loan debt can hinder your ability to enjoy your hard-earned career. As you likely know all too well, this debt can make it challenging to purchase a home or buy a car. What you may not realize is that student loan debt can also be detrimental to your mental health.
In a survey that polled more than 1,500 American college grads, researchers uncovered some concerning statistics. The impacts of student loan debt on mental health are far more severe than previously thought.
Roughly two-thirds of respondents stated that they felt overwhelmed about their financial standing. Another 38% stated that student loan-related stress was keeping them up at night.
Nearly half (47%) of graduates advised researchers that stress about student loan debt contributed to mental health problems. One-fifth of respondents even stated that the stress has negatively impacted their physical health.
The information gathered during this study and others has left many people wondering whether the stress of taking on debt is even worth it. According to an increasingly large number of doctors, it isn’t.
If you find that your mental health has been negatively impacted by student loan debt, then it is time to seek relief. The first step on the road to finding new hope is to understand your debt.
Student loans fall into a class of debt known as “unsecured debt.” This is because student loans are not secured by any collateral. Fortunately, unsecured debt can often be negotiated down or settled when it is in default. This is especially true if your student loans originated from private lenders.
All of this can seem overwhelming. That is why you should consider meeting with a debt resolution attorney. Resolvly can help you to understand the terms of your private student loan debt and connect you with a consumer law attorney in your state. An attorney can enforce your legal rights in an attempt to get you to true financial freedom.
Resolvly is a Florida Bar-approved lawyer referral service that helps clients nationwide connect with consumer protection attorneys that specialize in debt resolution. The Boca Raton-based company was founded in 2015 and has helped thousands of Americans find the right legal-based solution to reduce or dismiss their unsecured debt. Resolvly works with a network of attorneys that will protect and enforce their clients’ legal rights.
Agents are there to help consumers compare the different debt relief assistance programs that are available. Every client is given a free consultation and overview of why legal-based debt resolution is the safest and most effective approach.