Half of US borrowers in a new survey said their student loan debt is hurting their mental health

Half of US borrowers surveyed in a new survey said student loan debt contributes to mental health issues, including depression, anxiety and insomnia.

Online education program ELVTR surveyed 2,000 Americans between the ages of 18 and 67 who had enrolled in college and received some form of higher education.

It found that 63% of Americans still had student loan debt, with 54% of respondents saying debt contributes to mental health issues.

Anxiety was the most common mental health problem survey respondents associated with their student debt, with one in five respondents saying they had endured sleepless nights and panic attacks because of their anxiety.

Another 32% said they had suffered from depression which they associate with their debts.

Almost two-thirds of respondents said they could barely afford or could not afford to repay their loans, with borrowers from some minority groups facing the highest levels.

More than three quarters of black and African American borrowers surveyed said they had difficulty repaying their loans. 70% of women also said they had trouble or couldn’t honor payments.

However, Roman Peskin, Founder and CEO of ELVTR, said CNBC Make It: “With the cost of college rising faster than inflation, the situation is only getting worse.”

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