Student loan debt is a familiar problem in the U.S. Not all of the country's financial aid is going to fund college educations, though. Private school tuition rates are rising, and the number of families making $150,000 or more who still need to borrow money to pay bills climbed steeply last last year.
The average tuition cost at private schools is up to $22,000, according to National Association of Independent Schools numbers cited by CNN Money. That price tag represents a 4-percent increase from the previous year and a 26-percent increase since 2006-07 academic year.
20 percent of families who took out loans to pay for private school earned $150,000 per year during the 2010-11 school year. 7 years earlier, they only made up 6 percent of loan-takers.
In the CNN piece, Eric Long, the director of financial aid at Tabor Academy in Marion, Mass., compares the increases in school costs with less impressive growth rates in family income. Whatever the reason, families who choose private schooling are feeling the pinch.