DENVER, (CBS4)- The soaring cost of higher education in Colorado and across the nation has led to Americans owing $1.7 trillion in student loans, according to wealth manager Thomas C. Martin.
‘”If you look at college costs 40 years ago, you weren’t paying twenty thousand dollars (per semester) to go to a university,” said Martin.
He says wages are not rising while the cost of everything else is, and many students are missing out on the American Dream just trying to pay back what they owe.
“It’s going to be a rat race your whole entire life to pay off that loan,” Martin said.
That’s why during the pandemic the Federal Government put a moratorium on Federal student loan payments. Interest isn’t building and borrowers have one less monthly…
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