Student loans have been increasingly common in young households. In 1989, one of every six had student loans. In 2001, the number was nearly one of four. And as of August 2019, over a third of adults under the age of 30 are dealing with student loans. Among consumer debt, only mortgages exceed the amount of student loan debt.
In today's economy where stagnant wages and zooming tuition costs are causing student loan debt to skyrocket, the mental health stresses brought on by student loan debt — often amplified by credit card and car loan debt — are more powerful than ever.
Fairly recent studies have found finances to be one of the greatest stressors among college students. In fact, respondents with mental health issues were more than twice as likely to report also being in debt.
This guide will help the growing number of people dealing with the issues that may result from such overwhelming debt, including: