The Biden administration announced its $10k student loan forgiveness plan. Here’s how it can impact the mental health of students, says a financial expert.
How student loan forgiveness could improve mental healthWith less debt hanging over your head, you'd be a lot more likely to pursue opportunities that didn't seem possible before, says Rasure. She believes loan forgiveness may encourage people to dream again and not limit themselves.
Less debt to pay off could also mean more money for yourself. And access to more money would give you the chance to purchase a home, buy a nicer car or do other things that you didn't anticipate would be within your budget, Rasure adds.Often when considering jobs, people likely calculate how much money they'd need to make to pay off loans from college, Rasure says. But if that debt disappeared, more people would be able to focus on doing what makes them happy.
For others, the freedom that comes with debt relief could mean serving in a low-income community, as a doctor, teacher or other service-oriented professions that typically come with a lower salary.
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