According to the CNBC + Acorns Invest In You Student Loan Survey performed by Momentive, more than 60% of borrowers claim student loan debt has significantly impacted their mental health. A national sample of 5,162 persons participated in the online poll conducted from Jan. 10-13.
Borrowers put aside other financial goals
The survey also indicated that the lower an individual’s income is, the worse their mental health suffers when it comes to student debt. For example, education debt harms the mental health of less than half of those earning more than $100,000 per year, compared to 59 percent of those earning $50,000 to $99,000 and 70 percent of those earning less than $50,000 per year.
According to the survey, women and younger persons are more likely to report poor mental health effects from student loan debt. Despite this, more than half of baby boomers indicated that their educational debt affected their mental health, CNBC reported.
Borrowers’ mental health suffers for various reasons when they have student loan debt. For instance, many in debt put aside other financial goals like having a child, purchasing a home, getting married, preparing for retirement, or even taking a trip. Aside from not understanding how their loans function, the system is often complicated to manage, leading to more significant balances or other costly blunders.
Members of Congress requested for student loan debt cancellation
More than 80 members of Congress from both houses of Congress have signed a letter to President Biden, urging him to take action on student loan cancellation. Last year, Biden requested a report from the Education Department on his legal authority as president to cancel student loan debt unilaterally.
Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren signed the letter, which asked Biden to forgive $50,000 in student debt per borrower. In addition, around 36 million people, or 80% of the total number of persons with student loan debt, would have their fees waived, en.as.com wrote.
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