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Introduction

The experience of college to young adults has a great value as it provides a structured environment to acquire skills, knowledge, as well as independence, employed successfully and provide contributions to the society. It is vital that the college years as efficacious as possible. This experience is becoming costlier with costlier tuition fees and rising student debt.  College students are faced with a number of financial decisions while determining the funding to their college education as financial aids are not enough to meet the financial needs of students.  Loans for students as well as the credit cards are the two important forms of debts and debt through credit card has positive association with financial behavior in a negative manner stress due to financial problems. (Henry et al.2001). A higher level of debt has a significant impact psychologically in a negative way on student as it lowers the self-esteem of the student and reduces the feeling of being able to deal with personal finances. Debt lowers the perception of financial well-being among the college students and increases psychological stress that ultimately leads to depression anxiety.

Aim of the Study

The present study aims to explore the association between debt and anxiety as well as depression among the college students.

Financial Satisfaction

Satisfaction from financial view point is a significant factor for the general satisfaction as well as the well-being in life and the perception of financial well-being is associated with the overall prosperity.  Financial satisfaction is perception of satisfaction of a person with regard to emoluments, capability to manage the financial emergencies, preparedness to manage primary needs, debts, savings, availability for needs of future and goals of life. (Hira & Mugenda, 1998).

Anxiety Stress and Depression and Self-Esteem.

Wellness of students is an important topic as administrators of higher education are increasingly concerned about the stress among the college students. Stress effects negatively on the academic performance of the student and mostly the stress results from financial constraints that students face due to a growing burden of student loans. The grants and aids provided by the educational institutions do not match the tuition fees and students rely heavily on student loans to meet the expenses associated with their education.  Inability to pay bills and facing other financial difficulties create stress that leads to anxiety and depression. (Northern et al., 2010). Expectations on the future are influential for the vulnerability of mental disorders such as mood and anxiety. Optimism is regarded as the consequence of cognitive under estimation of risk which in turn increases the perception of risk and self-esteem.  A person with a greater level of self-esteem is confident enough to produce a desired result in a given situation. Self-efficacy is positively related with decreased level of stress and increased levels of academic performance.

Summary and Conclusions

Stress related to financial difficulties and the problems such as ill health, poor academic performance is a matter to be considered seriously among the college students. Financial satisfaction is important to lower financial anxiety that prevalent in college students. Grants and aids offered by institutions are insufficient to meet the expenses of education for students and they opt for student loans that increases debts. The incurred debts create financial difficulties that are associated with stress, anxiety and depression among students. Emotional balance and spiritual inclination may have a positive effect on the students to handle financial anxiety. However, financial satisfaction significantly lowers financial anxiety and it is essential for the financial planners, educators and parents of the students to consider analyze the factors that play an important role in their financial mental health. When the students decide to study with loans, they should be presented with the all the available options that would help to finance their education and their potential impact of carrying a student loan.

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