College students graduating this month across the United States can expect to feel nostalgic, field questions about their futures and owe a lot for the education they just received. Student financial aid expert Mark Kantrowitz recently calculated that student borrowers in the class of 2016 are set to have the highest level of debt yet, at $37,172, the Wall Street Journal reported this week. This is up from about $35,000 last year.

“It’s unfortunate that college costs are going up and the student aid, the grants, are not going up at the same rate on a per student basis,” Kantrowitz, publisher and vice president of strategy at scholarship site Cappex, told the Journal last year. “College is becoming less and less affordable, though it’s still just as necessary.”

For the 2015-16 school year, the College Board estimated the average tuition and fees to be about $9,410 at four-year, in-state public institutions. Room and board were about $10,140 annually. To afford this, millennials have taken out loans that often leave them delaying buying houses or getting married.

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