Most jobs these days require employees to have a four year college degree, meaning more people are enrolling into college, and that has resulted in Americans now owing more on student loans than on credit cards.
One possible reason for the increase in student loan debt is the shrinking job market causing more people to go back to school.
"Most of our students because of the job market and the economy right now with the job market being so iffy, that a lot of them have lost their jobs or they come back to school because they have lost their jobs so they're relying on loans now to help them," said Associate Director in Financial Aid, Marian Giesecke.
Another reason could be that more students are going to school full time rather than part time and over financing to cover their living expenses.
"We always recommend trying to borrow what you actually need, we don't like you having to borrow for living expenses, we'd rather you work a little bit and then supplement if you have to."
One student, Taylor Oakley, says that he works a part-time job to avoid having to finance more than he needs so he doesn't have to pay back as much when he graduates.
"I finance what i need and i have supplemental income, I have a part-time job, I try to work my schedule out so that I can have a part-time job and so the part-time job is what helps me live day to day. I don't at all ever pull more than I need to."
Oakley says he thinks a lot of the reason so many people are in debt is because more people are being pushed to get their college degree meaning those people also need the loans.
According to a study by the College Board, last year full-time undergrads borrowed an average of more than $4,900.