The rate at which college students are graduating with debt today is approaching crisis levels. However, not all of the long-term costs of college are related to financial hardships. Psychology research showed that debt is associated with significant mental and physical health problems–no one can truly be happy if they are shackled with heavy debt.
Research also revealed that the specter of student loan debt basically cancels out the joy that people associate with graduating from college in the first place. Currently, the average American household with student debt owes about $49,000. Delinquencies on student loans have risen dramatically over the past decade as an increasing number of graduates are unable to pay back their loans on time.
The costs of college continue to get more expensive each year. Generally speaking, people want better lives for themselves and pursuing higher education is one way in which people do that. Unfortunately, these large amounts of debt is a reality for most people after college and that weight of debt is having a negative effect on borrowers’ mental well-being all across the country. If student loan debt is significantly affecting your happiness, reach out to Higher Level Processing to see how you can be helped.