Data Suggests Student Loan Stress More Extreme Than You Thought (and with ‘Refi and Relax’ Campaign, SoFi Looks to Alleviate Some of It)
It’s well documented that student loans are a big source of stress among graduates. For those carrying the 1.34 trillion dollars in student loan debt currently totaled in the U.S., the burden causes strain in ways you might be able to predict—loss of sleep, anxiety—and in some ways that are surprising.
According to a recent SoFi member survey of over 1,200 respondents with student loan debt, the lion’s share of respondents confirmed how student loan stress impacts mental health. Eighty three percent shared that they’ve felt like they couldn’t relax due to the burden of the debt, and a full fifty percent felt that dealing with student loan debt has caused them to feel depressed. Over a third of respondents have reported actually losing sleep due to student loan debt, and a large number noted that it’s caused them to miss out on opportunities to travel, promote self care, and make major life decisions.
And, yes—another twenty percent would willing to take even more dramatic measures by sacrificing a finger or toe.
That’s why SoFi is launching the “Refi and Relax” campaign, where those who refinance are encouraged to treat themselves and take license to kick back knowing that student loan stress is now somewhat alleviated. It’ll start with a launch party in New York on November 7th hosted exclusively for those who recently refinanced their student loans—featuring de-stressing activities like manicures from GlamSquad and playtime with Socials Tees puppies. Then, it’ll continue into the fall with a robust social media campaign. Check it out on social through the hashtag #RefiandRelax, and share your favorite way to relax after conquering student loans through student loan refinancing.