Following the Supreme Court’s Ruling on the Student Debt Relief Plan, JED Urges Leaders to Find a New Path Toward Financial Solvency for America’s Youth

The Jed Foundation (JED) is disappointed by the Supreme Court’s decision to sustain challenges to President Biden’s student debt relief plan, which would have forgiven up to $10,000 in debt for borrowers earning less than $125,000, or up to $20,000 for those who received Pell Grants, impacting the financial wellness of up to 40 million Americans. 

At JED, our mission is to protect mental health and prevent suicide for our nation’s teens and young adults. Research shows that accumulating student loan debt increases psychological distress in those ages 18-28. Young people are particularly vulnerable to debt-related distress because they tend to have fewer assets at this phase in their life: The higher the debt, the worse the distress.

Specifically:

• Having debt increases the risk of depression, suicide attempts, and deaths by suicide.
• More than half of borrowers link mental health issues to their student loan debt. 
• Black college graduates owe an average of $25,000 more in student debt than white college graduates.

Research also show that: 

• Reductions in financial insecurity can significantly improve mental health outcomes related to depression and anxiety.
• Similarly, government efforts to improve financial security, such as mandatory minimum wages, can decrease suicide risk. 

Although today’s ruling is discouraging, JED remains fully committed to advocating  for equitable legislation that will best support the mental health and wellness of all students. In line with our mission and commitment, we call on all leaders and organizations focused on youth mental health to join us in identifying opportunities and clear policy levers in advancing  youth well-being. 

About The Jed Foundation (JED)

JED is a nonprofit that protects emotional health and prevents suicide for our nation’s teens and young adults. We’re partnering with high schools and colleges to strengthen their mental health, substance misuse, and suicide prevention programs and systems. We’re equipping teens and young adults with the skills and knowledge to help themselves and each other. We’re encouraging community awareness, understanding, and action for young adult mental health.

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Media Contact:
Keisha-Gaye Anderson
Vice President, Communications, The Jed Foundation
keisha@jedfoundation.org
917-622-0506