Student loan debt is at an all time high in America—recently crossing the threshold of $1.1 trillion (with a “T”).

According to the Pew Research Center, those with student loan debt “are less wealthy than graduates without debt, less likely to have a house, and probably holding the economy back.”

First the wealth: college graduates without student loans “have about seven times more wealth than their debtor friends — or $64,700 compared to $8,700 — despite making the same income.”

Also, you can’t foreclose on student loan debt or eject it in bankruptcy—holding back individuals from contributing to the economy as a whole.

If you have a high-school graduate about to enter college or you’re looking to go back to school—the numbers show that it’s better to wait or to choose a lower-priced education. For over a decade afterwards—your wallet will thank you.

If you already have student loan debt—prioritize paying it down. If you go bankrupt, remember—other debts can be ejected. Student loan debt can’t.

The story of student loan debt neglects to mention those hardest hit.

It’s not the wealthy student who takes small loans and pays them off in full and as soon as possible.

It’s also not the poor student who can receive federal grants and aid, then cover the rest of the costs through loans.

It’s the middle class student who is squeezed the most. These students are most likely to earn just enough to not receive grants or any kind of aid, are less likely to qualify for government loans, but still require private loans to cover their costs.

Student loans, in effect, work like a bell curve, with the poorest students and the wealthiest students taking out the least.

As a result, many students who cut back on private schools, go to in-state schools and narrow down expenses are still in a position where they have to take out large student loans to cover tuition, books, and living expenses.

For example, one young woman came from a household with an income of $85,000—not shabby by any means, a disabled mother, and a dependent grandmother. She had to take out nearly $100,000 in student loans to cover four years of expenses, most of which were private loans since her family earned too much to be eligible for federal loans. Some of those private loans required payments during her college education.

Even with a $50,000 a year job after college, she found her student loan payments eating up over $1,400 per month.

Here is how she has to budget:

Moving in with my fiancé’s parents allowed me to allot my saved rent money—and then some—toward saving for the wedding. Now my readjusted monthly budget looks something like this: 45% goes toward my student loans, 40% funnels into our wedding fund, and the remaining 15% is spent on bills, gas, food and any other expenses. I pay for necessities and necessities only. I also contribute 3% to my company’s 401(k), but that comes directly out of my paycheck.

This is a story that can be told across America, where recent graduates have to defer many expenses for over a decade after graduation.

Student loan debt has become the norm instead of the exception when it comes to college graduates.

The figures may surprise you:

According to the Project on Student Debt, 71 percent of students who graduated in 2012 had student loan debt, with an average debt of $29,400.

That’s nearly 3 out of every 4 students graduating with debt average to the price of a new car.

With a struggling job market and increasing house prices, prospects aren’t looking good for graduates.

One student claims that she is unable to make the payments immediately on one of her loans and qualifies for a deferment.

However, the loan accumulates $200 per month—in interest. If she defers for one year, she will owe thousands in interest alone, and paying that down still won’t go towards paying down the loan.

Many students are in similar situations where they must “scrape by” financially, paying more towards debt per month than they take home. Debt is no longer a $100/mo expense like a cellphone bill. It has become the largest expense in the lives of many young people with little hope to pay it back anytime soon.