Student debt is rising again, with the average student paying $1,500 in federal student loans over the past five years, according to new figures.
The National Consumer Law Center reported on Thursday that the average monthly debt for the average family of four is now $1.931, up 6.5% from $1 and 5.6% from the previous year.
The average amount of student loan debt that families have to repay is now nearly $28,000, according the report, which shows that the cost of college is now almost twice as high as it was a decade ago.
Student loan debt has increased by $1 trillion since 2009.
The federal government collects more than $1 billion a day in interest payments on student loans, according a recent report by the Federal Reserve.