We are now translating student loan debt to actual psychological and emotional burden
I’ve seen countless people with low and high incomes stressed about their debt load. And yet, folks pile it on anyway without fully realizing its impact through the years. Exhibit A: student loans.
“A lot of people are pursuing a college education, which is a good thing,” said study co-author Louis Tay, a Purdue assistant professor of psychological sciences. “However, the financial cost of doing so also needs to be considered. . . . These large loan numbers can sometimes be thrown around without us actually realizing [the] day-to-day impact on our lives. We are now translating student loan debt to actual psychological and emotional burden.”
Tay and fellow researchers Cassondra Batz, Scott Parrigon and Lauren Kuykendall culled information from the Gallup-Purdue Index, an effort supported by the Lumina Foundation to measure the well-being of more than 30,000 college graduates in five key areas, one of which is financial happiness.
Their paper, “Debt and Subjective Well-being,” published in the Journal of Happiness Studies, found that the financial strain caused by debt does lower people’s sense of well-being. Among the study sample were 2,781 college graduates who have been paying off college loan debt for at least seven years.
“We found that the level of college debt actually had almost similar levels of effects as income levels on financial worry and life satisfaction,” Tay said…