Student Loan Debt Taking A Toll On Mental Health
The rising cost of education in India has led to an increase in student loan debt, which is having a significant impact on the mental health of borrowers. A recent study by the Indian Institute of Management Ahmedabad found that students with high levels of student loan debt are more likely to experience anxiety, depression, and sleep problems.
The study also found that student loan debt can lead to financial hardship, which can further contribute to mental health problems. Borrowers with high levels of debt may find it difficult to make their monthly payments, which can lead to stress, worry, and feelings of hopelessness.
A study by the American Foundation for Suicide Prevention found that college students with high levels of debt are more likely to think about suicide than those without debt.
The government and educational institutions need to work together to find ways to reduce the cost of education and make it more affordable for students. They also need to provide more support for borrowers who are struggling with debt.
If you are a student with student loan debt, there are resources available to help you cope with the financial and emotional stress. You can talk to a counsellor or therapist, or you can join a support group for borrowers. There are also government programs that can help you manage your debt.
It is important to remember that you are not alone. Many students are struggling with student loan debt, and there is help available. If you are feeling overwhelmed, please reach out for help.