It's Official: Student Debt Is Bad for Your Health
There's no question that taking on huge amounts of debt for college can damage your long-term finances. Case in point: Last year, Morningstar determined that for every dollar we borrow for college, we'll end up losing $0.35 in retirement savings. Given that the average Class of 2016 graduate came away over $37,000 in debt, if we follow that formula, those folks are apt to retire with roughly $13,000 less than they'd otherwise have. And while that may not seem like a huge amount, when you're on a fixed income, every little bit counts.
But it's not just your retirement that student debt might ruin; recent data shows that those loans can actually be bad for your health. In a new study by Student Loan Hero, more than 60% of borrowers say their student debt-related worries are negatively impacting their day-to-day well-being.
Image source: Getty Images.
Source: Fool.com
