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Confronting the Mental Health Crisis of Student Loan Debt
…and the personal and professional consequences of having a frequently paralyzingly high amount of student loan debt.
By Giselle Castaneda and Dr. Benjamin M. Drury
Ramifications related to the spiraling student loan debt extend far beyond financial burdens and reverberate deeply within the realm of mental health. The combination of financial stress, delayed milestones, diminished self-worth, and long-term insecurity creates a perfect storm for poor mental health outcomes among borrowers. It is imperative that policymakers, educational institutions, and society as a whole address this issue with urgency, working towards viable solutions such as debt relief programs, financial literacy education, and increased access to affordable education.
The uncertainty surrounding the Supreme Court’s ruling on President Biden’s student debt forgiveness plan has left millions of borrowers in a precarious financial situation. If the court rules against the plan, borrowers may face the daunting prospect of resuming loan payments without any relief in sight. This potential double whammy creates a significant challenge for individuals who were relying on debt forgiveness to alleviate their financial burdens. President Biden’s plan, if implemented, has the potential to provide significant relief for up to 20…
