On top of these financial implications, there are also the looming mental and psychological effects that debt has on students’ mental health. Many students experience profound stress, anxiety and feelings related to shame when thinking about their financial situations related to school. In a 2021 survey, one in 14 student borrowers said they experienced suicidal ideation because of taxing debt situations.
New York state is temporarily freezing the collection of state-owed student loan and medical debt to relieve the financial burden from the coronavirus, according to a press release sent out by the Governor's office on March 17.
From the perspectives of many long-serving faculty, the primary cause of the chronic financial problems within the university is quite clear: incentives for upper management are poorly aligned with the long-term best interests of the institution and have been for some time.
However, 80 percent of the families living in areas near Poughkeepsie are eligible to receive aid from Excelsior, whereas only 55 percent of Long Island residing families are eligible for the same grant.
A recent survey by Gallup showed that 50 percent of black college graduates held more than $25,000 in student loan debt, compared to 34 percent of white graduates.
Stony Brook University, formerly praised as one of the most affordable gems in the crown of public universities, has slowly been losing its luster as tuition fees continue to increase. In the midst of an economic recession, Stony Brook has experienced a series of budgetary problems that have ravaged through the SUNY system like an epidemic.
