According to a recent poll by the online education platform ELVTR, 54% of respondents claim their mental health issues are directly tied to having a lot of student loan debt, CNBC reported.
The Biden administration has waived almost 2% of outstanding student loan debt. It is the most relieved by any presidential administration in American history.
Since the beginning of President Biden's term, loans totaling almost $32 billion have been forgiven.
As part of the bigger Biden administration plan, which was unveiled in August, working- and middle-class borrowers could have up to $10,000 in student loan debt forgiven, and Pell Grant recipients in the same income range might have up to $20,000 of their debt eliminated.
Anxiety was discovered to be the most common mental health concern caused by student loan obligations. Meanwhile, nearly 20% have had sleepless nights and panic attacks, and 32% have suffered from depression.
"It isn't just America's pockets that are suffering," the poll wrote. "With many facing financial hardship like never before, the pressure of student loan repayments also impacts the nation's mental wellbeing."
The Education Data Initiative says that the average student attending a public university in the United States presently borrows approximately $33,000 to obtain a bachelor's degree.
The broader proposal unveiled by the Biden administration in August will relieve working- and middle-class borrowers of up to $10,000 in student loan debt, while Pell Grant recipients in the same income category might have up to $20,000 shaved off their student debt.
According to the Education Data Initiative, the average student at a public university in the United States borrows $32,880 to complete their bachelor's degree. According to Roman Peskin, founder and CEO of ELVTR, tuition prices continue to rise.
Minorities, such as Black borrowers, are the ones with the most debt, with over two-thirds of those surveyed reporting that they can't or hardly make their loan payments.
According to the survey, 79% of Black and African Americans are either completely unable to afford loan payments or can only do so with great difficulty. Nearly 70% of the women surveyed also find it difficult or impossible to make their loan installments.
Because only 27% of respondents to the study said they planned to stay in their current industry, there will probably be more career changers in the future.
"Loan forgiveness, while a great initiative, is really just a Band-Aid - before we dress the wound, we need to stitch it up first," Peskin said.