The price of a college education is on the rise.

A report out this week from the College Board says college costs are out-pacing inflation, putting higher education farther out of reach for many families.

Costs rose this year at double the rate of inflation at private and public institutions.

State Treasurer Jonathon Miller says priorities at the state and federal level must change, especially to help working families.

"There are innovative ways that we can address this problem that in the long run could save money. One of those is an idea that I've come up with called 'Cradle to College' where we could start every child with a college savings account the day they're born and have the state provide matching funds to those families," Miller explained.

The report says college costs continue to drive up the amount students and families borrow with the fastest growth in private loans.