Student loan debt isn’t just an economic problem, it’s a public health problem.even if new Gallup poll While nearly half of Americans believe COVID-19 is over, student loan stress, temporarily eased by a moratorium on loan payments, is not.
Unfortunately, student loans are often seen only as a financial problem, not a public health problem.US Student Loan Debt Has Reached Crisis: 48 Million Borrowers Collectively $1.6 trillion Federal student loan debt. Including private student loans, his debt increases to $1.7 trillion.
Student loan debt is second only to mortgage debt.Average debt is almost $38,000, That’s twice the average car loan debt and four times the average credit card debt.
However, student loan debt is not treated like other forms of debt. Interest is calculated and compounded in a variety of ways, so the principal balance and interest increase rather than decrease. This “negative amortization”, or growth in the balance over time, occurs even if the borrower makes regular payments, disproportionately Affects color borrowers.
The reality is that those who have been hit hardest by debt are those who have never completed a degree, have trouble paying Or a student loan default. In the worst case scenario of financial hardship, people can get rid of other consumer debts through bankruptcy. But forgiving student loan debt is still much more difficult. President Joe Biden called for change in his debt relief plan. Borrowers, on the other hand, have virtually unavoidable debt.
All of this adds up to more than just a financial burden. It’s also a strain on health, something that should be acknowledged this month. National Stress Awareness Month.
higher health risk factors
Financial debt is one of the most stressful things families have had to deal with this year due to economic uncertainty and inflation.If you have a large amount of debt, you will be mentally and physical healthwith higher stress and depression, worse self-reported general health, and higher diastole blood pressure. High blood pressure can affect most organs and is known to cause heart attacks and strokes.
a 2022 report Those in their 30s and 40s with student loans have been shown to have more biological risk factors, including higher risk of inflammation, high blood pressure, diabetes, smoking and being overweight.
Student loan burdens can affect mental health, with 1 in 14 reported having a large amount of debt student loan borrower Reported suicidal thoughts.one investigation 84% of student borrowers delayed major life events, 54% experienced mental health issues, 32% reported depression, and 32% started a family due to student debt I pointed out that it was late.
One analysis of data from National long-term study abroad of adolescents found that student loans were associated with poorer psychological functioning during school and early adulthood.
Because it’s student loan debt. more burdensome For borrowers of color, the debt forgiveness plan should be viewed not only as economic equity, but also as public health equity for black and Hispanic borrowers.
mitigate the crisis
Without my student loan debt, I wouldn’t have been able to go to college or medical school. But even with years of on-time payments, you still have a large, unshakable balance that influences basic life decisions like “can I afford a house?” I came. or “When can I start a family?” with my partner.
For many young people, shouldering student loan debt is the only way to college and careers. Our country promises a bright future, making it easy for teenagers to shoulder huge amounts of debt.
Policymakers and administrators need to show their full support for all forms of debt forgiveness, including Biden’s plan, which the U.S. Supreme Court will rule on this year. Debt forgiveness support is especially important after the massive economic, social and health problems caused by the pandemic.
If elected officials truly believe that debt collection is in their pocket, those same lawmakers must take action – enact laws on student debt forgiveness.
Doing so mitigates another public health crisis.
Alejandro Vargas, M.D., is an Assistant Professor of Neurology and a Vascular Neurologist at Rush University Medical Center. He is the Medical Director of the Mobile His Telestroke Program at Rush University Medical Center and the Primary Stroke Center at Rush Oak Park Hospital. He is a Public Voices Fellow. editorial projectfollow him @alexvargasmd
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