Student debt is growing, as is the mental health crisis among Black borrowers. While the situation is dire, it is also a byproduct of failed and intentionally racist policies going back generations, which means it can be solved by better public policies. This brief is the second in a four-part series using qualitative data from the National Black Student Debt Study. Drawing on survey responses from that study, this brief describes how student debt has affected Black borrowers financially and mentally--with 64% of survey participants reporting that student debt negatively impacted their mental health. [For a comprehensive report based on the study, see "Jim Crow Debt: How Black Borrowers Experience Student Loans" (ED617539).]