The Debilitation of Student Debt
Student Beans reveals the impact of debt on mental wellness and unites corporations to urge President Joe Biden to take action
NEW YORK, June 15, 2021 /PRNewswire/ -- 1 in 20 American students have sought medical treatment after reckoning with payment expectations for their student loans1 - according to new research which has been further investigated by Student Beans. In surveying over 1,300 students, the new student discount app found that 88% feel stressed due to their overwhelming loans, and 45% push their worries to the back of their minds to avoid thinking about it.2 Because of this, Student Beans has decided to spring into action by calling on its corporate brands around the country to pledge support to a joint letter to President Joe Biden, urging him to prioritize government policy on the cancelling of student debts.
"Student Beans softly launched in the United States just over a year ago, and we've used that time to not only bolster our audience to just over two million users, but to really understand the American student population," says William Harris, Chief Strategy Officer at Student Beans. "Time and time again, they tell us that what keeps them up at night isn't exams or papers - but their overwhelming and ever-growing student debt. So much so that it's having a detrimental impact on their mental wellness."
The discussion of student loans in the United States is not new; it is a long, painful and triggering topic for many. But, with President Joe Biden bringing renewed hope to the United States, he stated he would cancel $10,000 of debt per student, as he courted his candidacy. However, as we pass the halfway mark throughout the year, student debt remains. Over 400 organizations from the non-profit sector have voiced their support of federal debt cancellation, but where is the opinion of other businesses and corporations on the matter? That's where Student Beans steps in.
With 92% of US students believing that President Joe Biden should roll out student loan forgiveness, Student Beans took their words to heart by penning a joint letter to the White House. Student Beans, a top-rated student discount app with exclusive offers from the likes of Uber Eats, Walmart, Door Dash and ASOS, today calls on its brand partners and users to sign the joint letter to stand behind all US students and support the elimination of these federal loans in hopes of paving the way to a brighter future.
Students feel so passionately about this that it's the number one campaign promise they want President Joe Biden to focus on, above other issues that would impact their lives such as minimum wage, taxes and even education itself.
What the students say…
"Following my college acceptance at 19 years old, I and many students are now faced with growing student debt that will grow to, equal or exceed the price of an upper-class family home," says undergraduate student, Julia Caldara, "If the majority of US citizens are unable to have comfortable lives because of the mounting student debt, which also prevents many from seeking higher education in the first place, as a country we won't be able to succeed." - Julia Caldara, 19 years old; identifies as female; and is studying Chemical Engineering at Rutgers University.
Student Beans today submitted the letter to President Joe Biden and will now wait with the rest of the country on an update concerning federal loan forgiveness.
"We exist to better the lives of the student population around the globe. We're fiercely dedicated to establishing a more financially secure student body and we're firm believers that US students deserve to thrive with less—if not zero— debt," concludes William Harris, Chief Strategy Officer at Student Beans.
Amidst the waiting period, the student discount app continues to collate and encourage discounted shopping to better serve students and their bank accounts. They encourage brands and US students to get in touch if they'd like to sign their declaration letter and can reach out to [email protected] to learn more.
About the research
1-https://www.insidehighered.com/news/2021/03/01/global-student-survey-focuses-mental-health-and-financial-and-other-pressures
2-Student Beans surveyed over 1,300 university students across the USA in May 2021.
Contact
For any media or PR related enquiries, please contact the Student Beans press office team at:
E: [email protected]
T: 410-274-5954
About
Student Beans exists to help students thrive. Established in the United Kingdom in 2005, today it is the world's largest student loyalty network, connecting 650 of the biggest brands to 163 million students, across 52 countries. Its student verification technology integrates into websites, apps and stores and has so far enabled companies such as Google, DoorDash, Apple and Footlocker to increase student customers through student specific incentive and onsite or in-app optimization.
Student Beans' rigorous research and data capabilities provide the company with an innate understanding of the student population. Its frequent surveying, analysis and reporting enables Student Beans to empower its brand partners to better serve the student population.
SOURCE Student Beans
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