Man says he'll be 72 when he pays off family's student loans

Student loan debt doesn't just impact students.

The average Rhode Island student graduates with more than $31,000 in student loan debt. Even worse -some parents are still paying off their own loans by the time their kids enter college. It's leaving some families strapped with six-figure loans.

Despite a successful career as a physician's assistant, Jon Bigler and his wife, Lori, are struggling financially.

They took out loans so Jon could attend school to become a P.A. They took out more loans so Lori could get her teaching credentials, and then again to send their children to college. It adds up to more than six figures.

Lori and Jon have about $3,500 per month in expenses. About $2,500 of that goes toward educational debt.

Like a growing number of families, the Bigler's student loan bill dwarfs what they spend on their groceries, home and cars.

"We still owe more than his (annual) salary," said Lori. "But we have cut our debt by - oh, Lord."

"Yeah, by a lot," said Jon, finishing his wife's sentence.

The problem is especially noticeable in Rhode Island, where the average student loan bill continues to grow.

"(It's the) fourth highest in the country," said Jim Purcell, Rhode Island's Commissioner of Postsecondary Education. "Some of that is because we have some expensive private institutions. A lot of it, too, is we have high tuition here compared to many other states."

The Biglers moved to a tiny town in Western Kansas as part of the payoff plan. Life is cheap, and after Jon spends 10 years working in rural health, the federal government will forgive part of his loans.

Like the Biglers, many families are struggling to pay back their own loans while sending their children to college.

In the last 10 years, the outstanding student debt has rocketed to $1.2 trillion, with more than 6 million Americans in their 40s owing more than $200 billion in educational loans.

"The big thing is if you think about how much a loan payment is, it really does defer all the things that we consider the American dream to be, for about 10 years, 15 years," said Purcell.

Experts said student debt is reshaping what it means to be middle class, with indebted graduates pulling back their spending on other items.

The Biglers save what they can, spare dollars going into a teapot, and eventually into their kid's college fund.

"We don't want them to say, 'I can't be a teacher if I want be a teacherbecause I've got student loan debt.'"

Jon ran the numbers and said he'll be 72-years-old by the time he pays off all their loans.

Another problem: money spent on student loans doesn't go back into the local economy.

Rhode Island is working to lower the burden of student debt through a number of statewide initiatives, includes stronger scholarships, like the Rhode Island Promise Scholarship. Learn more here.

They're also encouraging Rhode Islanders to start saving early through the 529 College Savings plan. For enrollment information, click here.

For additional information about preparing for the cost of college, head to riheaa.org.