College tuition, loan debt burdens many students

BLOOMINGTON, Ind. - As thousands of Indiana young adults head to college this week many students are burdened with the spiraling costs of tuition.

At Indiana University Bloomington, in-state students will pay about $24,000 for the 2014-2015 academic year, while out-of-state students will pay about $47,000.

New Yorkers Robin Cronk and her husband said their pride for their daughter's academic achievement is priceless.

"I'm so proud of her to be able to get in. I'm just like, do you want fries with that order with the tuition payment," Cronk joked.

Parents have to have a sense of humor and a strategy when it comes to paying for college.

According to the New York Federal Reserve, in 2014, outstanding student loan balances reached an all-time high of $1.2 trillion, an increase of $124 billion since 2013.

Most college grads leave school with an average of $26,500 in student loan debt, RTV6's Chris Proffitt reported.

Scholarships and grants can help shave off some of the debt, which can delay homeownership or starting a business.

California parent Anthony Miller questioned the cost of a degree.

"It's a big question, whether or not that college education is really going to benefit them and to take out loans, I question it. I really do," Miller said.

With more than 16 percent of 50-year-olds still paying off student debt, the yearly rite of moving away to college has become a financial hardship for many families.

Print this article Back to Top