Its no wonder the countrys $1.5 trillion in collective student loan debt is being called a crisis. Young borrowers are delaying major life milestones such as buying homes and starting families because of the financial burden of their loans. A million borrowers default on their loans every year.
But theres another equally damaging consequence of student loan debt thats talked about less often: its impact on borrowers mental health. Thats certainly not something thats discussed with 18-year-olds as they prepare to sign the dotted line on a 10-year loan.
Debt-Induced Depression
Just ask Sophia Buxton. At its peak, her debt was close to $150,000 in student loans, mostly from private lenders. This was well beyond what I originally financed becau…
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