Additionally the studies discover most are struggling to pay off this new loans
“Higher education costs have gone from rooftop, and there’s become insufficient funding from inside the higher education,” Wozniak told you. “The only method my personal cousin and i may go so you’re able to university is to have my personal mom to take out loans.”
At exactly the same time, of a lot parents try struggling with while making repayments given that Moms and dad Plus system hands away currency without carrying out far to decide once they can pay back new loans
That the cost of tuition, additionally the most other costs off likely to school, possess grown reduced than earnings or college student aid are a primary factor in as to why moms and dads was basically using up a lot more obligations in the last few years, said Jeff Webster, co-composer of research learn from Parent And additionally loans from the Trellis, a great nonprofit education loan guarantor.
According to the study, 3.2 million parents owed a total of $65.1 billion in student loans for their children in 2014.