Student Loans Stresses

In October student loan repayment started back up and it the data is sobering. Nearly 40% of borrowers missed their first payment (around 9M individuals). As a comparison during the same period in 2019 (before payments were frozen due to COVID) 26% of borrowers missed their first payment. The good news for those struggling to repay is they will not face penalties until September of 2024. However despite having the extra time it's clear many are facing financial challenges.

Financial stress is an anchor that can be daunting to address and manage. It weighs on us and permeates our daily lives. On top of that we tend to assign other negative feelings (shame as an example) when we are in a financial struggle. This can be a vicious cycle to break. The results can be unbearable for ourselves and those who matter most to us.

We have all been inundated with advice on how to manage funds and live within our means and while those can be helpful, life isn't linear. We can be the most prepared soul when it comes to finances but none of us are protected from tragedies or events out of our control that can lead to precarious times.

Once we are in a situation the best way out is admit where we are and start a process to get us in a better place. You will likely need not only financial advice but also help to manage the stresses you are facing because of it.

If you don't know where to start consider contacting your Employee Assistance Program (EAP). EAP is a is a work-based intervention program designed to assist employees in resolving personal problems that may be adversely affecting their lives. Programs are delivered at no cost to employees by stand-alone EAP vendors or providers who are part of comprehensive health insurance plans. Services are often delivered via phone, video-based counseling, online chatting, e-mail interactions or face-to-face. As far as what they can help you with it run the gamut from feelings of depression, seeking help in raising a teen, looking for resources to manage your aging parents and even help working through financial challenges.

When I perform EAP trainings I tell the attendees that EAP is a life management program. If a life event(s) is taking place before you go to Google first contact your EAP provider. They have the resources to help guide you to what you need and are trained to help you.

So if you find yourself as one of the 9M who missed your first student loan payment (or if you have other life challenges that are on your mind) contact your EAP provider to help. If you are unsure who your EAP provider is ask your HR rep and they will help you out.

Until next time...Take care of yourself and always remember you matter.

TELUS Health

What is an EAP

Article Link: Student Loan Repayment