Mental Well-being of Vulnerable Students Affected by the Burden of Student Loan Debt
Introduction:
Melanie Lockert, a former theater student burdened by student loan debt, shares her personal journey of financial struggle and the toll it took on her mental health. With the growing student loan crisis in the U.S., many young adults are facing similar challenges. This article explores the impact of student loans on mental health and the disparities faced by minority borrowers. Despite the difficulties, there is hope for individuals like Lockert who have found a way to overcome their financial burdens.
Full Article: Mental Well-being of Vulnerable Students Affected by the Burden of Student Loan Debt
The Burden of Student Loan Debt: A Story of Struggle and Mental Health
Melanie’s Dream and Unexpected Realities
Thirteen years ago, Melanie Lockert set out on a journey to become a university theater professor. She began her Ph.D. program in performance studies at New York University with enthusiasm. However, midway through her studies, she realized that academia was not her true calling. Instead, she had a passion for nonprofit art education. After completing her master’s degree in theater performance, she searched for a job in art education in New York City.
Unfortunately, the Great Recession of the late 2000s made finding work difficult. Melanie found herself buried in student loan debt totaling $81,000. Despite depleting her savings, relying on food stamps, and taking on low-paying temporary jobs, she struggled to make her monthly loan payments of $900. The weight of her debt began to take a toll on her mental health, leaving her feeling trapped and ashamed.
The False Narrative and Student Loan Crisis
Melanie’s experience is not unique. Many young adults in the U.S. face the largest student loan burden in history, with an average debt of $37,000 per borrower. While wages remain stagnant, the promise that hard work in school will lead to loan repayment becomes increasingly false, especially after the Great Recession.
According to the 2021 National Survey on Drug Use and Health, over 18% of young adults experienced a major depressive episode within the past year. The burden of student loan debt plays a significant role in their mental health struggles.
The Biden Administration’s Efforts
In an attempt to alleviate some of the strain, the Biden administration proposed canceling up to $20,000 in debt for recipients of Pell Grants and up to $10,000 for those in financial need. However, the Supreme Court ruled that such relief would be unconstitutional without approval from Congress. As an alternative, the administration introduced the Saving on a Valuable Education (SAVE) plan. This plan aims to reduce the monthly loan payments for undergraduate students from 10% to 5% of their discretionary income.
The Impact on Mental Health
Even with these efforts, the resumption of loan payments on September 1 has caused continued stress for borrowers. Studies have shown a clear link between student loan debt and mental health issues such as depression and anxiety. Many borrowers express feelings of hopelessness, with some even contemplating suicide.
The Impact on Life Milestones and Racial Disparities
Student loans can delay major milestones in borrowers’ lives, such as getting married, buying homes, and starting families. The impact is felt disproportionately by Black borrowers due to the racial wealth gap and discrimination. Black households have significantly less net worth, making it harder to afford college and repay loans.
The Pitfalls of For-Profit Institutions and Master’s Degrees
For-profit institutions, known for higher loan amounts and lower graduation rates, pose the most problems for student borrowers. Additionally, students with master’s degrees often find themselves burdened with significant debt and limited high-paying job opportunities. Fields such as law, business, and medicine may have high costs but also offer better job prospects.
Melanie’s Struggle and Lessons Learned
Looking back, Melanie regrets investing so much in her master’s degree, as it almost led her to bankruptcy and a deep spiral of despair. Her story serves as a reminder of the mental health toll that student loan debt can cause and the need for reform in the education system.
Summary: Mental Well-being of Vulnerable Students Affected by the Burden of Student Loan Debt
Thirteen years ago, Melanie Lockert started her Ph.D. journey at NYU but realized she preferred nonprofit art education. After graduating with a master’s degree, she struggled to find full-time work to pay off her $81,000 student loans. This story highlights the mental health strain caused by student debt and the disproportionate impact on Black borrowers. The Biden administration’s efforts to provide relief were found unconstitutional, leaving many borrowers with high levels of stress and anxiety.
