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.