A college degree may help you get closer to a stable career, but at what the cost? Sure, there is typically a large financial toll associated with degree achievement; but what about the toll it may take on our physical health and well-being? Excessive amounts of student debt are becoming increasingly harder to not only pay, but to positively handle emotionally. Here’s why.
The average student borrower now sits at roughly $37K in debt owed. Pair that with the nearly 8 out of 10 Americans living paycheck-to-paycheck, and it’s no wonder why, according to MarketWatch, 86% of student loan borrowers say student debt is their number one cause of stress. Yikes! Many borrowers claim that debt may also be holding them back from achieving some, or all of the following milestones.
- Saving for retirement
- Buying a home
- Getting married
- Starting a family
- Traveling
Sound like you? If so, here are some solutions that may be able to help.
1.) Consider your repayment options.
If you’re struggling with student debt, don’t stress. An income-driven repayment plan might be an option. Those who qualify could see their monthly payments drop to as low as $0. This extra cash flow could free up more money to help pay for bills, groceries, and rent. If you’d like to learn more about your repayment options, Docupop is always happy to help you find the right program for you.
2.) Split living expenses.
As glamorous as that Manhatten loft may sound; when you have debt, it’s best to split cost as much as you can. Living with roommates for a few years, alternating cooking nights, and perhaps even ride sharing with a buddy can help you save a ton of cash while you’re trying to pay off debt.
3.) Take time for you.
No matter how troubling debt can appear to be, worrying isn’t the solution. Instead, enroll into a repayment plan you can afford, cut cost where you can – and most importantly, take time to enjoy all of the wonderful things life has to offer. Meditation is a great way to relax and decompress. Yoga and exercise can help you clear your mind and take care of your body. While spending time with friends and family, or even taking a 10 minute solo walk at sunset may help you relieve some of that tension. If you, or someone you know is having a hard time handling the stress of debt, check out 211.org for help.
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References:
https://www.cnbc.com/2018/02/15/heres-how-much-the-average-student-loan-borrower-owes-when-they-graduate.html
https://www.marketwatch.com/amp/story/guid/519FDDB2-E83D-11E8-8F27-5C6847258365
https://www.cnbc.com/2018/02/15/heres-how-much-the-average-student-loan-borrower-owes-when-they-graduate.html
https://www.usatoday.com/story/money/personalfinance/budget-and-spending/2018/02/13/personal-debt-americans-responsible-with-paychecks/110364224/
https://www.cnbc.com/2017/10/17/student-loans-take-a-mental-toll-on-young-people.html
