Parents Take on Record Amount of Student Loan Debt
Parents are building up more student loan debt than ever before to send their children to college.
Ferris State University in Big Rapids is one school that has noticed a big increase. The financial aid office says the number of parents taking out Parent Plus Loans has tripled in the past three years and the amount borrowed has also gone up.
The average parent taking out a loan at the university will borrow about $12,000 dollars this year. Parent debt is even growing faster than student debt.
The total amount of student loan debt could soon top a trillion dollars.
9 and 10's Kyle Mitchell and Photojournalist Joel Deaner have more on what could be driving this trend.