Factoring in inflation, the average public college education cost $5,881 a year in 1980, according to the National Center for Education Statistics. By 2010, that figure had nearly doubled to $12,681.

With the cost of a college education rising, American students have found themselves increasingly turning to student loans.

Elizabeth Doing, senior, plans on going to Missouri State University to study elementary education.

She worked a job during high school and saved for college and plans to work when she gets to college as well. Her parents had a savings plan for her education, and her grandparents plan to help out with the cost of college as well.

But Doing, who said she feels she has done everything she can to seek out the best value college education she can, still expects to walk away with an excess of $20,000 in student loan debt after college.

“My parents are doing a one time contribution,” Doing said. “They only have a certain amount to give.”

When the time came in January, Doing’s parents filled out the Free Application for Federal Student Aid (FAFSA). Doing said she even chose Missouri State University because it was a less expensive choice.

According to a recent study by the Federal Reserve Bank of New York, situations like Doing’s are increasingly prevalent. The study, which examined the Equifax credit reports of 241 million Americans, found the total debt from student loans stands at $870 billion, more than total debt for auto loans or credit card balances.

According to the study, “with college enrollments increasing and the costs of attendance rising, this balance is expected to continue its upward trend.”

Jen Mishory, deputy director of Young Invincibles, a youth advocacy group in Washington D.C ., said rising college costs are closely linked to states reducing funding for public post-secondary schools.

“The cost of college has definitely been rising and states have been investing less in their colleges, Mishory said. “Yet the importance of college has been increasing.”

Mishory said young people now are more willing to foot the bill (and take on debt) for college because of the demand for college graduates in today’s economy.

“The unemployment rate for someone with a bachelors degree is much lower,” Mishory said. “Our economy is going to need more college degrees than we’re getting.”

Mishory said the biggest problem she sees is lack of knowledge about debt options. Federal loans, Mishory said, are often much more manageable than private loans because of caps on payments and loan expiration dates.

“We did a study recently about people that had private loans,” Mishory said. “And we had two thirds of people saying that they didn’t have a good understanding about the difference between federal and private loans.”

Joan Lodes, college counselor, said she has seen a growing concern among seniors about the cost of college and the prospect of student loan debt.

“We certainly have an increased number of seniors who are concerned about the cost of college,” Lodes said.

In fact, 28 percent of full-time college students are enrolled in institutions charging $36,000 or more yearly in tuition and fees, according to the College Board.

Lodes said students should look at loans as a last resort.

“We always suggest to the student to postpone loans as long as possible and to take out as small of loans as possible,” Lodes said. “Those loans add up quickly for the undergraduate student.”

Ravali Gummi, senior, is number one in her class and was a National Merit Finalist. She has applied for several scholarships and will have help from her parents. Gummi hasn’t yet chosen a college, but expects to graduate with about $10,000 in student loans.

Gummi said college is increasingly expensive, even when scholarships are factored in.

“The cost is outweighing the benefit in some cases,” Gummi said.