The negative ramifications of student loan debt are far-reaching, making financial wellness programs more important than ever. (Photo: Shutterstock)
With tuition rising almost eight times faster than wages, it is no wonder that millennial student debt has skyrocketed well beyond the level experienced by their Gen X and Baby Boomer parents.
According to the National Center for Education Statistics, the average cost of a college education in 2016 was $104,480–double the cost of the same degree in 1989 (adjusted for inflation). Meanwhile, wages increased only $5,000 per year during the same period of time, reports the Federal Reserve Bank of St. Louis.
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