Student loan debt is out of control in the United States!
Around 1 in 4 Americans is currently paying off student loans, and a full 70% of today’s students graduate with debt. Not only is that an absurd amount of people, but most people with student loans report feeling that their debt is out of their control.
In our country, where anxiety, stress, and depression are already rampant, student loan debt only adds to the mental health crisis.
The good news: Whether you’re just starting to take out loans or are managing debt from a decade ago, there are steps you can take to manage the stress surrounding your debt.
But first, be proud of yourself for your initiative and looking into tips and suggestions. Loans are messy and complicated, and anyone who can nosedive in is starting on good footing.
First, let’s talk practical moves to lessen stress about student loan debt.
There are several repayment plans available with varying options to meet your individual circumstances. Just make sure to look out for the interest rate and the time frame for repayment.
When problem-focused coping is not an option, emotion-focused coping is the way to go.
With loan consolidation, you can pay off your debt in one place with one fixed rate. You can check this service out here — but be wary of consolidating to a private plan, which can limit your options for repayment.
People who have jobs in the public sector or who are unemployed due to disability may be eligible for debt forgiveness.
There aren’t always practical solutions for problems, and student debt is no exception.
When other people truly hear us, we feel more prepared to manage what’s ahead.
Despite repayment options and potential loan forgiveness, you’ll still likely end up with a lot of debt to repay. This debt pushes people to extreme levels of stress and depression, with a whopping 1 in 15 borrowers having considered suicide due to their student loan debt (according to an online survey).
When problem-focused coping is not an option, emotion-focused coping is the way to go.
Take a step back from your loans and address your in-the-moment stress response. Two of the most effective stress management techniques are mindful breathing and progressive muscle relaxation. You don’t need a therapist or any special setup for these exercises. They can be done at home, in the car, or even in a meeting. Here’s how they work:
During times of stress, your “fight or flight” system activates. Mindful breathing and muscle relaxation practices manually deactivate your fight or flight response and allow you to relax. With a clear head, you’ll be better prepared to manage your debt going forward.
For managing long-term debt anxiety, the first thing to do is be honest with yourself and get some clarity on your feelings. From there, you can decide what your next steps are.
Our best advice, though, is to get support. Talk to a family member, a friend, a therapist, or someone at Supportiv.com. It always helps when other people truly hear us; we feel more prepared to manage what’s ahead.
In addition to that, it helps to see what your peers have tried, experienced, and problem solved to cope with their student loan debt. Get connected and start asking questions – you’ll come away with unique ideas you wouldn’t have found anywhere else.
Anxiety about student loan debt affects a large portion of adults in the U.S. If you are feeling the pressure from your debt, look into refinancing your loans, practice stress reduction techniques, or ideally, talk to someone who can help you make a game plan.