A woman who accumulated over $200,000 in student loan debt from her college and master’s degrees has spoken about the toll it has taken on her mental health. Justene Bologna, who also incurred medical debt after giving birth to twins, said the financial strain has affected her daily life, including her ability to afford groceries and her relationships.
With more than 40 million Americans resuming federal student loan repayments after the pandemic pause, rising living costs and mounting debts are causing widespread anxiety, experts say. Helen Colby, a professor at Indiana University, noted that “big financial stresses impact all aspects of our lives.”
To prevent debt from becoming overwhelming, Colby recommends setting aside specific times to avoid thinking about financial worries. “Sometimes we can give ourselves permission to stop worrying about those other things and focus on the big picture if we delineate the time,” she said. This could involve planning a career change or moving to a cheaper city.
Another strategy is “mental bootstrapping” – pairing a dreaded task with a reward. For example, watching a favourite TV show before reviewing a budget, or treating yourself to a dessert after making a repayment plan. Colby says this can make financial goals easier to achieve.
Finally, sharing concerns with trusted loved ones can alleviate the isolation that debt often brings. “You don’t necessarily have to share everything,” Colby said, but opening up – even partially – can help reduce stress.
