Student loan payments have resumed for the first time since 2020, and many borrowers are dreading the effect it will have on their finances. That stress could also negatively affect their mental health.
Back in August, more than half of borrowers polled said they’d be forced to choose between fulfilling their loan payment and buying groceries or paying rent, according to a survey by Credit Karma.
These nerve-wracking financial decisions aren’t great for a person’s overall wellbeing. Consider that just last year 54% of student loan borrowers said their mental health issues like depression and anxiety were directly related to their debt, according to a poll conducted by online education program, ELVTR.
In honor of World Mental Health Day on Oct. 10, CNBC Make It talked to a financial expert with a background in psychology about how one can maintain positive mental health even with student loan debt.
DON’T MISS: 54% of student loan borrowers say their mental health issues like anxiety and depression are directly related to their debt
“We can’t just walk away from our student loans, but what we can do is minimize the amount of stress that we expose ourselves to,” says Wendell Clarke, a behavioral wealth specialist at Wealth Enhancement Group.
5 tips to reduce money-related stress, from a behavioral wealth expert
