Student Loan Debt and Mental Health | News
LAFAYETTE, La. — For most of the world, school hasn’t even opened for a month, but new research shows students are already stressed. Stressed out by their student loan debt which is…
The average amount of student loan debt for a four-year degree in America is $37,000. Figures like these don’t just focus on students’ bank accounts, but also on their mental health.
Residents here in Louisiana are only 8% below the national average and owe some $34,000.
UL students like Ryan Boudreaux say he couldn’t afford tuition if he didn’t have a scholarship.
“It helps pay a lot of my tuition, but without it I probably would have had to find a summer job to make ends meet,” Boudreaux said.
According to a new study, more than 60% of student borrowers say they are stressed about the money they will have to repay to their loan company.
Now, just for a second, keep in mind that people who earn $100,000 a year say student debt has or affects their mental health.
Now compare that to the 70% of people who earn less than half that and are equally stressed like Austin Walker. He can’t go to school full time because he has to work.
“I have to take more hours off my job, which means I can’t study as much or it interferes with my campus time conflict with the classes I have to take,” Walker said.
The increase in the price of gasoline, groceries and the cost of living has not helped either.
The average gas price in Louisiana is $3.11, groceries for an adult run up to $3,119, or about $260 per month, and the average cost of living for a typical renter is $850. .
Even those who are not in debt, IT major Sang Tach says the financial aid has saved him.
“To pay tuition this semester I had to make a payment plan and call and if I didn’t my tuition would have skyrocketed or I would pay tons of money,” said Tach.
The research study also shows that women were more stressed than men about student loan debt.
Now, when it comes to student loan debt here at UL, $2.7 million in debt was wiped out after the University used federal covid-19 funding.
This erased debt was part of the US bailout that was signed into law in March.
This bailout provided $39.6 billion to higher education institutions in response to the Covid-19 pandemic.