A new report from NerdWallet warns that incoming college freshmen could face up to $40,000 in debt by the time they graduate, highlighting the growing financial burden of higher education.

The study finds that college tuition has risen sharply over recent decades, with families now covering nearly half of all college costs. According to the report, families are responsible for 48% of expenses, up from 38% just 10 years ago.

As the cost of college continues to climb, many students are turning to loans. An estimated 45% of this year’s high school graduates plan to attend college, and more than one-third of them are expected to take out student loans to help fund their education.

The findings come amid ongoing national conversations about student loan reform and the affordability of higher education for middle and working-class families.