LAFAYETTE, La. - For most of the world school hasn't even been in session for a month but new research is showing that college students are already stressed. Stressed about their student loan debt that is ...
The average amount for student loan debt for a four year degree in America is amounting to a good $37,000. Numbers like that aren't just stressing students bank accounts but also their mental health.
Residents here in Louisiana are just 8% under the national average owing back some $34,000 dollars.
UL students like Ryan Boudreaux says he couldn't afford tuition if he weren't on scholarship.
"That helps pay for a good bit of my tuition but if it weren't for that I probably would have had to get a summer time job to make ends meet," said Boudreaux.
According to a new research study more than 60% of student loan borrowers say that they are stressed about the money they'll have to owe back to their loan company.
Now just for a second keep in mind that people who earn $100,000 annually say education debt has or is affecting their mental health.
Now compare that to the 70% of people who earn less than half of that who are also stressed like Austin Walker. He can't go to school full time because he has to work.
"I'm having to pick up more hours at my job which is forcing me to not be able to study as much or it interferes with my time conflict for campus with the classes that i need to take," said Walker.
The increased price of gas, groceries and the cost of living has not been helpful either.
The average price for gas in Louisiana is $3.11, groceries for one adult rings up to $3,119 which is about $260 bucks a month and the average cost of living for a typical renter is $850 bucks.
Even those who aren't in debt struggle, computer science major Sang Tach says financial aid saved him.
"To pay for tuition this semester I had to do a payment plan and an appeal and if I didn't do that my tuition would've skyrocketed or I pay tons of money," said Tach.
The research study also shows that women were more stressed out about student loan debt than men.
Now when it comes to student loan debt right here at UL $2.7 million of debt was erased after the University used federal covid-19 funding.
That erased debt was a part of The American Rescue Plan that was signed into law back in March.
That rescue plan provided $39.6 billion to higher education institutions in response to the Covid-19 pandemic.
