Unscalable metal fences with concertina wire. Guards narrowly confining movement. Prison is designed to restrict freedom. Unfortunately, because student loan borrowers feel like their debt narrowly confines and controls their lives, many feel imprisoned by their debt, according to a recent Forbes article. An overwhelming number of people feel like just making their next payment will be a struggle. A recent study shows:
Unfortunately, this is more than just a feeling. Having such a tough time with large monthly payments results in real-world challenges:
Another reason student loan debt feels like such a prison to borrowers is the endlessness of the burden. Many students see their balances increase as the payments take their monthly toll on household budgets. They can see the long-term consequences of their debt and put off attaining life goals:
Feeling isolated and unsupported is another common experience for those overwhelmed by student loan debt. Unfortunately, most borrowers said that their loan servicer was not helping them get out of their student loan debt confinement:
Impassable barriers set up in front of the lives of borrowers may do more than restrain individuals. As borrowers default on their student loans every 28 seconds, there is more of a realization that the student loan crisis will drag down the U.S. economy. Federal Reserve Chairman Jerome Powell said that student debt “absolutely could hold back growth.” Chairs of the Federal Reserve are extremely hesitant to acknowledge challenges. Despite muted language, their whispers are roars.
We would love to hear from those feeling overwhelmed by their student loan debt. Does your experience align with this information? Or have you experienced something very different? We want to hear your story. Comment below to let us know if student loan debt is a prison.
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