Financial expert says save now to pay off student debt fast
President Joe Biden has forgiven some $32 billion in student loans for some borrowers this week, but that doesn't mean everyone is off the hook.
Connecticut has seen an increase in student debt going from $34,900 to $35,162.
Caleb Silver, of Investopedia, says part of reason is because of the moratorium on payments and interest put in place by the Biden administration.
Silver says the cost of a four-year public education in Connecticut was only up about 1.4% and that the average is now $14,549 per year.
Despite President Biden's forgiveness announcement, some may owe less on their student loans, but research shows that there are still millions of people that will owe money.
With payment frozen until the end of the year, Silver recommends borrowers set aside the money they would normally use to pay off student debt and pay it off even though they don't have to.
"Student loans are not forgivable in bankruptcy, so you have to make them part of your budget," Silver says.