BIRMINGHAM, Ala. (WIAT) — Students are taking on more debt than ever to pay for college. In 2012, students borrowed 18 percent of the cost of their college education.
According to the Wall Street Journal, families are also paying for college through grants and scholarships, parents’ savings, student income and through relatives and friends.
The Department of Education says one in ten students default on their loans within a year.
So the question remains: should parents be paying for college?
One expert believes they should pay, even if it means borrowing money to do so.
They argue that it send a message to their children that college matters and they need to work hard.
However, other experts say parents shouldn’t be on the hook. Rather, putting students in the driver’s seat will make them value their college education more.
2014 WIAT-TV CBS42