Roughly a quarter of millennials say their student loans keep them up at night, research shows
Melanie Lockert, now 34, graduated from California State University of Long Beach in 2006 with an undergraduate degree in theatre. She had borrowed $23,000 while in school and took an administrative job at an arts nonprofit soon after.Three years after starting her job at the nonprofit, Lockert decided she wanted to go back to school and pursue further education in theatre. Soon enough, she was accepted into a one-year intensive performance studies program at NYU’s Tisch School of Arts.
Realizing she couldn’t pay rent in New York without a stable job, she moved to Portland, Ore. where her partner at the time lived. In Portland, she worked temporary jobs for $10 to $12 an hour and ended up on food stamps. Individuals in the study who reported what the researchers defined as “good financial behaviors,” including “tracking monthly expenses, spending within a budget, responsible borrowing, saving, and investing,” were less likely to experience depression after college.
“Financial instability is a strong predictor of mental-health problems,” Keyes said. “These students who are managing their money well in their final year of college and go on to have fewer depressive symptoms may also be students who have less debt or students for whom managing that debt is less of a burden.”
Lockert spent about $5 per session, but that’s not the reality for most people. Therapy sessions generally can cost anywhere from $65 to $250, or more. For those with insurance, part of the cost will be typically be covered — but rarely all of it. “The effect can be compounding for those who already have a lot of debt to pay off,” Lockert said.
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