This year, like every year, college debt is higher than ever before.

According to CNN Money, “the average debt load for the class of 2012 was $29,400, according to a report released Wednesday by the Institute for College Access & Success’ Project on Student Debt.” This means that $29,400 is the average debt held by those who graduated last year with student loans.

The year before, the average debt was $26,600.

If student loan debt had merely kept up with inflation the average student debt burden would now be only $27,150.47.

Daniel Luzer

Daniel Luzer is the news editor at Governing Magazine and former web editor of the Washington Monthly. Find him on Twitter: @Daniel_Luzer