A new survey by Student Loan Hero finds student loan borrowers isolating themselves and suffering from physical ailments, such as insomnia, headaches, and gastrointestinal problems due to their debt.
Austin, Texas (PRWEB) September 12, 2017
It’s no secret the financial strain of student loan debt can cause stress in a person’s life. But a new survey conducted by Student Loan Hero has discovered just how impactful this stress can be, with more than half of the respondents reporting physical symptoms of anxiety due to their student loan debt.
This survey set out to discover the psychological effects of student loan debt. Student Loan Hero asked borrowers if their student debt causes them to lose sleep, suffer from physical symptoms or anxiety, feel the need to socially isolate themselves, or experience other issues.
The majority of respondents said “yes” to these questions, highlighting the fact that student loan debt isn’t just putting financial pressure on their lives, but emotionally hampering them as well.
“Debt is much more than a numbers game. It can cause borrowers to feel worry, shame, and even hopelessness as they try to navigate life feeling like they can’t achieve important adult milestones with this ball and chain tied to their money,” said Shannon Insler, lead researcher for the survey. “It’s important for borrowers to tackle the psychological effects of their debt so they can live healthier, more fulfilling lives and create a financial plan that is truly sustainable for them.”
- Sixty-one percent of respondents said they fear their worry over student loan debt is spiraling out of control.
- More than 64 percent of respondents said they lose sleep over the financial stress their student loans place on them.
- Of the respondents, 67.3 percent said they suffer from physical symptoms of anxiety due to stress over their student loan debt, with headaches, muscle tension, and upset stomach topping the list.
- More than 74 percent of respondents said they have isolated themselves from their loved ones at some point because of their student loan debt.
Student Loan Hero conducted this survey via Survey Monkey on August 8, 2017, and collected responses from 1,007 student loan borrowers living in the United States. The screening question was, “Do you have student loans?” for which the target answer was “yes.”
About Student Loan Hero
Student Loan Hero combines easy-to-use tools with financial education to help the millions of Americans living with student loan debt manage and pay off their loans. Student Loan Hero has helped more than 150,000 borrowers manage and eliminate over $3 billion in student loan debt since 2012 and assists over 3.5 million people in becoming more financially healthy every year.
Student Loan Hero offers both current and former students free loan calculators, as well as unbiased, personalized advice and repayment plans through an easy-to-use online dashboard.
Founded in 2012 by CEO Andrew Josuweit, who himself had over $100,000 in student loans, Student Loan Hero operates on the belief that all loan help and recommendations should come with honesty and no hidden agenda.
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