While you might think that going to Harvard or MIT would be the most costly of all colleges, a new study shows that just looking at tuition rates does not give an accurate depiction of how truly expensive some colleges are. A study conducted by American Enterprise Institute found that parents are taking out student loans to pay for their kids college degrees and many are walking away with massive amounts of debt.
Highest Percentage Of Parent Loan Debt
- French Culinary Institute — $37,522
- Berklee College of Music — $33.092
- Art Center College of Design — $33,070
- Boston Conservatory — $30,138
- West Coast University — $ 29,484
Highest Volume Of Parent Loans
- New York University — $127,320,000
- Arizona State University — $80,140,000
- Michigan State University — $75,010,000
- U of Illinois at Urbana- Champaign — $73,090,000
- St. John’s University at New York — $66,170,000
Not only does the government allow for parents to take out student loans for their child’s tuition, but it also means that if the parents default on the loan the child can be held liable. This can greatly complicate the financial situation of graduates, many of which are already battling this very issue. If you need help with student loan debt, contact one of our student loan lawyers to discuss your options for debt relief.
Read the full story: http://www.vox.com/cards/student-debt/10-colleges-that-leave-parents-with-the-most-debt