Long-term student loan repayment can have a significant psychological impact on individuals, leading to stress, anxiety, and feelings of being overwhelmed. The burden of debt can weigh heavily on the minds of borrowers, affecting their mental well-being and overall quality of life.

For example, a recent study by Smith et al. (2020) found that students who were struggling with long-term loan repayment reported higher levels of psychological distress and lower life satisfaction compared to their peers who had already paid off their loans.

Fortunately, there are strategies that individuals can employ to cope with the psychological impact of long-term student loan repayment. These strategies include:

• Financial Planning: Creating a realistic budget and financial plan can help borrowers feel more in control of their situation and reduce anxiety about their loan obligations.
• Seeking Support: Connecting with others who are also managing student loan debt can provide a sense of community and understanding. Support groups or online forums can be valuable resources for sharing experiences and coping strategies.
• Practicing Self-Care: Engaging in activities that promote mental and emotional well-being, such as exercise, meditation, or hobbies, can help alleviate stress and improve overall mental health.
• Seeking Professional Help: If the psychological impact of student loan repayment becomes overwhelming, seeking support from a mental health professional can provide valuable guidance and coping strategies.

By implementing these coping strategies, individuals can better manage the psychological impact of long-term student loan repayment and work towards improving their overall well-being.