Mental Health Issues While Repaying Student Debt

Student debt borrowers may face numerous sources of stress and anxiety while repaying student loans. Indeed, many student loan borrowers might not have the resources to meet all of their financial responsibilities and this can create a lot of mental health issues. In addition, the dread created by student loans and the magnitude of the debt can also be a source of stress. So long as you keep a few things in mind, dealing with mental health issues while repaying student debt can be a lot easier.

Find a Mentor

Mentors are an invaluable resource when dealing with mental health issues while repaying student debt. A good student loan mentor might be someone who has already paid student loans or someone who has made significant progress toward repaying their student loans. A mentor may also be someone with general life or financial experience who can help someone make financial decisions.

A mentor can help someone make a plan to tackle student loans. In addition, a mentor can also be a good sounding board for stress and anxiety that might be related to student loans. If student debt borrowers can find a mentor in their social circle or otherwise, they can be better positioned to handle the stress and anxiety that oftentimes comes with student loans.

Consider the Bigger Picture

Another strategy for dealing with mental health issues while repaying student debt is to consider the bigger picture. It can be easy for individuals with student debt to be extremely focused on their student loans. Indeed, I thought about my student loans almost everyday and calculated how much interest was accruing on my debt each and every day. I oftentimes did not attend personal or social functions if this impeded my student debt repayment goals.

However, debt and debt repayment is not the most important thing in life. Indeed, family, friends, and social connections are oftentimes much more important than financial goals. In addition, individuals will hopefully only be repaying student loans for a minority portion of their lives. If individuals understand how insignificant student loans are compared to other aspects of their lives, this can help minimize the impact student loans can have on a borrower’s mental health.

Splurge a Little

A further strategy to contend with mental health issues while repaying student debt is to splurge a little and not let your savings goals get in the way of having fun. As mentioned in previous articles, debt fatigue is real, and this can keep you from your financial goals. Debt fatigue is when an individual scrimps and saves so much that they hit a wall when they can no longer hit a frugal lifestyle. This definitely happened to me several years into my student debt repayment saga, and it made me less able to pursue my financial goals.

There are also mental consequences to never splurging a little on yourself and giving yourself some pleasure as you work toward financial goals. Individuals who do all they can to save money might become disgruntled with their situation since “all work and no play” can have profound consequences on someone’s outlook. Paying off student loans is definitely a marathon and not a sprint. In order to ensure that borrowers are able to work for the long haul toward their financial goals, and not suffer mental health consequences, they should splurge a little along the way.

Seek Counseling

If student debt borrowers are really struggling psychologically from student loans, in order to contend with mental health issues while repaying student loans, student debt borrowers should consider counseling. As many student debt borrowers can understand from firsthand experience, student loans can cause stress, anxiety, and depression. In severe cases, these impacts from student debt can impact someone’s ability to participate in work, school, and social activities.

No one needs to suffer alone without seeking help, and counseling is a great way to deal with all kinds of phycological issues, including the ill effects caused by student loans. I have friends and relatives who have gotten many benefits from counseling and they are all more even keeled and happier as a result of the counseling they received. Some people might think that they do not need counseling and they can handle all of their mental health issues on their own. Indeed, many people talk to mentors, relatives, and others about their issues and this can provide some relief.

However, there is no substitute to speaking with a neutral and trained counselor who can listen to your issues and suggest treatments that might help with mental health issues caused by student loans. Counseling is not something to be ashamed of and all kinds of people seek counseling to handle a variety of issues. As a result, individuals suffering from negative feelings because of student loans or other issues should seek counseling so that they can live happier and more fulfilled lives.

All told, student loans, like many other kinds of financial issues, can create a number of mental health issues since people often suffer from stress, anxiety, and depression because of student debt. However, if student debt borrowers keep some things in mind, they can battle the negative mental consequences of student loans and live happier lives while they work toward their financial goals.



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