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- Half of borrowers in a 2,000 person poll said that their student debt is harming their mental health.
- The survey, by education platform ELVTR, said that anxiety and depression were the most common issues.
- One in five surveyed said they had endured sleepless nights and panic attacks linked to their debt.
Half of US borrowers surveyed in a new poll said student loan debt contributes to mental health issues including depression, anxiety, and insomnia.
Online education program ELVTR polled 2,000 Americans aged 18 to 67 who had enrolled in college and received some form of higher education.
It found that 63% of Americans still had student loan debts, with 54% of respondents saying the debt contributed to mental health issues.
Anxiety was the most common mental health issue that the poll respondents linked to their student debts, with one in five respondent saying they had endured sleepless nights and panic attacks as a result of their anxiety.
A further 32% said they have experienced depression which they link to their debts.
Almost two-thirds of respondents said they can barely afford or can’t afford to make their loan payments, with borrowers from some minority groups facing the highest levels.
More than three-quarters of Black and African American borrowers surveyed said they struggled to make loan payments. 70% of women also reported that they struggled to meet, or couldn’t meet, the payments.
In August, the Biden Administration announced plans to forgive a portion of student loan debt. Most Americans with student debt will be eligible to have $10,000 worth of loans forgiven.
However, Roman Peskin, founder and CEO of ELVTR, told CNBC Make It: “With the cost of college rising faster than inflation, the situation is only getting worse.”
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