1 million people now owe more than $200,000 in federal student loans

There are several factors that have contributed to the increase in the number of borrowers carrying six figures in student loan debt,” said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit that helps borrowers navigate the repayment of their debt.

The biggest one, though, is the fact that higher education has become significantly more expensive over the decades, Mayotte said.

The annual sticker price for certain schools, after factoring in tuition, fees, room and board, and other expenses, is now nearing $100,000.