Student loan debt has nearly tripled in the last decade. The Federal Reserve Bank of New York reports from 2004 to 2012, student debt increased from $364 billion to $966 billion, according to researcher Alan Pyke in an April 23 Think Progress article.

A June report released by the Domestic Policy Council and the Council of Economic Advisers says 71 percent of students earning a bachelor's degree graduate with debt, averaging $29,400 per student.

The report cites the increased cost of a college education as the leading reason for the jump in student loan debt. While the average amount of tuition has risen drastically, a typical family's income has barely increased, leading to the need for more student loans producing more student debt.

Why high costs?

Several reasons contribute to the increase in college costs. According to Sandy Baum of the Urban Institute, interviewed in a March 18, 2014, National Public Radio segment by Claudio Sanchez, colleges are raising tuition and fees to replace state funding they've lost. According to the June federal report, higher education funding remains well below pre-recession levels in almost all states; 37 states have cut public funding per student more than 20 percent since the recession; nine states have cut such funding per student by more than 30 percent and three states have cut funding per student more than 40 percent.

Allie Bidwell reported in an Oct. 24, 2013, U.S. News and World Report article net prices, the amount families actually pay after grant aid and tax credits are applied, have increased because the growth in financial aid has not kept pace with the increase in tuition and the final actual tuition cost outpaces gains in family income.

Competing for top students

Increased college spending on faculty, buildings and research is another reason for higher costs, explains Dylan Matthews in an Aug. 28, 2013, Washington Post article.

For another article on Sept. 4, 2013, Matthews interviewed Michael McPherson, president of the Spencer Foundation and former president of Macalester College, who explained the need for colleges to expand facilities and faculty.

"You have to recruit some affluent students, and part of the way you recruit affluent students is by having symbols of excellence, like an up-to-date campus center and up-to-date athletic facilities," McPherson said.

Wide gap

Matthews also explained there is a wide gap between what poor and rich students pay, which makes institutions dependent on tuition from wealthy students in order to give more assistance to poorer students, and to attract the students with money, up-to-date facilities are needed.

While the reasons for the increase of a college education vary, the rising cost of tuition is unquestionably leading to more significant amounts of money borrowed in the form of student loans.

Lehigh University

"I think student loan debt is always a problem and students get out of control … We can give students and families options, but we can't tell them what to do," Jen Mertz, director of financial aid at Lehigh University said.

According to Mertz, the average amount of loan debt per Lehigh student is $33,309 with 52 percent of a given class borrowing.

"We determine what they can pay," she said. "Our policies and procedures are generous enough that students can graduate with a manageable amount of loan debt."

Financial aid is determined through calculating a family's financial need, she said. Information is collected through the Free Application for Federal Student Aid and the College Scholarship Service Profile, including information about income and assets, household size and how many family members are enrolled in college. These combined factors help to calculate the expected family income.

After collecting the data, the EFC is subtracted from the cost of total expenses to determine the amount of financial assistance needed for that student. Similar practices are employed at other private liberal arts colleges.

"Ignorance is not exactly bliss when it comes to financing education," Mertz said. "We can let students know their options, but we can't advise."

The use of online tools, such as net price calculators and loan repayment calculators is also encouraged by the financial aid staff.

Another payment option offered at Lehigh is the Student Alternative Loan, a loan based on credit history. According to Lehigh's website, an alternative loan allows a student to borrow the remaining difference between the cost of attendance and any aid received.

In one decade, Lehigh University's yearly tuition has increased by $17,290. For the 2003-2004 school year, tuition was $27,230 per year. For the upcoming 2014-2015 school year, tuition will total $44,520, Mertz said.

Northampton CC

While many students take out yearly loans to cover the tuition at Lehigh, students at the Northampton Community College only take out loans when it is necessary, said Cindy King, NCC director of financial aid.

"It is a lower cost school so we encourage students not to take loans out unless they really need it," she said. "We try to encourage them ... to save it for when they go onto a four-year school."

The cost of tuition at Northampton Community College is $10,560 per year, reports College-Calc.org.

Cutting costs

The current price of a four-year institution is nearly triple that of a community college, according to a May 30, 2012, article by Jeffery King in U.S. News and World Report. Attending a community college for two years, then transferring to a four-year college is a well-known way to make college more affordable.

Other ways to make college more affordable and avoid accumulating large amounts of student debt include taking advantage of grants, scholarships, part-time employment, summer jobs, savings, employer assistance, part-time attendance and family support, Dr. Daad A. Rizk, financial literacy coordinator at Penn State University said.

Penn State

Penn State students' borrowing habits are consistent with the rest of the nation, she said.

Rizk echoes Lehigh's Mertz's point schools can only provide knowledge to students about financial decisions, but the students need to take responsibility for their own actions. Penn State offers financial literacy programs in hopes of aiding their students in better decision-making.

"Just because the U.S. Department of Education offers loans to students, it does not mean students should accept the loans without a plan for repayment," Rizk said. "This financial behavior is the main cause of the national crisis in student loan debts."

To avoid finishing school with unmanageable debt, she suggests students make a financial plan before searching for colleges, then pick a school matching individualized academic and financial needs.

"It is the responsibility of every school to provide the knowledge students need to make informed financial decisions," Rizk said, "but ultimately, it is the responsibility of each student to fully understand the ramifications of borrowing loans."