“The only way I see to escape student loan debt is to end my life.”
These words are heartbreaking, revealing a deep despair and a heavy psychological burden. Every year, more and more young people struggle in this invisible prison of debt, even suspecting death as the only escape. However, the value of life far exceeds any numerical debt. Giving up on life not only fails to solve the problem, but instead brings deeper pain and sorrow.
Suicide Is Not a Solution: Life’s Unfulfilled Possibilities
Faced with the pressure of unpayable loans, many feel isolated and helpless, believing they are a burden on their families and mistakenly believing that death will ease the burden on their loved ones. However, the opposite is true:
- Federal student loans are solely the responsibility of the borrower; family members bear no financial responsibility for the loan.
- Private loans with co-signers (usually parents) continue to bear the debt upon the borrower’s death, becoming a heavy burden on them.
More importantly, the loss of a person brings with it endless grief and regret, a thousand times heavier than the financial debt. There are many wonderful things in life to look forward to. While debt can feel suffocating, it’s not an insurmountable situation.
How to Get Out of Debt: Practical Coping Strategies
Facing the pressures of student loans, there are practical ways to help ease the burden:
- Proactively contact your loan servicer
Loan servicers exist to help borrowers repay their loans. While the phone call can be nerve-wracking, they can offer effective solutions and relief.
- Apply for a deferral or forbearance
A deferral or forbearance allows borrowers to temporarily stop making payments, easing short-term financial pressures. However, interest may continue to accrue during this time.
- Choose an income-based repayment plan
For federal loans, income-driven repayment plans adjust payments based on monthly income, down to as little as $0. These plans can also count towards loan forgiveness if you qualify, significantly reducing the repayment burden.
- Understand Private Loan Options
Private loans have fewer support options, but you can still seek refinancing or negotiate a repayment plan with your lender to reduce your monthly debt.
- Beware of Loan Scams
Financial stress makes you an easy target for scams. Be careful to avoid scams that offer help under the guise of debt relief.
Seek Support: You Are Not Alone
Facing stress is not only a financial challenge, but also a psychological one.
- If you feel hopeless or have suicidal thoughts, it is important to seek professional help, contact a suicide prevention hotline, or find counseling resources.
- Share your struggles, connect with family and friends, and find emotional support.
- Many organizations and communities offer programs and services to help debtors; you don’t have to face it alone.
Amid the darkness of debt, there is still light. Between life and death, choosing survival is the greatest gift you can offer yourself and your loved ones. No debt is worth sacrificing your life for. Remember: life may be difficult, but help is available, and the future holds endless possibilities.
Leave a Reply