Feeling depressed, stressed and worried? Your student loans might be partly to blame, according to researchers at the University of Georgia. 

The weight of repaying student loan debt looms over borrowers, exacerbating the mental health issues of millions of Americans, the report states.

With borrowers flocking to social media to share their concerns about the student loan debt crisis, the researchers analyzed more than 85,000 student loan-related posts on Reddit and Twitter from 2009 through 2020.

“Student loan debt per se is not a bad thing, but people need to know what they’re getting into,” said Gaurav Sinha, lead author of the study and an assistant professor in UGA’s School of Social Work. “People have a limited cognitive bandwidth. We spend a lot of time thinking about money and our debts. That not only affects your financial health but also your mental health.”

Researchers like Sinha found that the majority of users who posted about their loans on Reddit and Twitter were negative and that many expressed sadness and fear about the future of their finances.

For borrowers who expressed living with mental illness, the stress of repaying their student loans would negatively affect their well-being, according to the study; and for almost one out of three borrowers without known mental illness who vented online researchers found that if those individuals continue to experience prolonged bouts of anger about student loans then over time, it could lead to a mental health crisis down the road.

“People shared their doubts over whether they can pay back their loans, and others mentioned worrying thoughts including self-harm,” Sinha said.

“Many users had too much money to pay back, they didn’t get those dream jobs they thought they would with their degree and now they don’t know what to do. They feel trapped.”

Among the Reddit and Twitter posts, users overwhelmingly expressed a desire to know more about student loans, how to manage repayment and what that could mean for their future earnings and savings.

“We also need to focus on making higher education accessible and affordable to address this problem holistically.”

With the U.S. Supreme Court’s decision to strike down President Biden’s student loan forgiveness plan aimed at canceling up to $20,000 for borrowers in June, those who owe loans are expected to start making payments come September or October.

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Borrowers are worried about the future of affording and paying back their student loans. Are you one of them? Share your story and thoughts here with Reckon.