When this bubble bursts, it’s going to make the housing bubble look small.

Julianne Stanford reports at the College Fix.

Student loan debt hits $1.27 trillion, grows $3,055 every second

The higher ed bubble continues to inflate, with student loan debt now coming in at $1.27 trillion, according to the Federal Reserve, an amount that tops the $994 billion owed in auto loans and $901 billion in credit card debt.

To make matters worse, every second, the amount of student loan debt in America increases by $3,055.19, MarketWatch estimates.

And the class of 2015 graduated with the largest amount of student loan debt ever at an estimated average of $35,051 per person, MarketWatch reports.

Overall, roughly 40 million Americans had student loan debt in 2014, according to CNN Money.

With decreased job prospects during the past decade, former students are having a hard time paying off their loans.

An estimated one-third of students who were repaying their loans in 2014 were five days delinquent in their in their payments, according to statistics released by the U.S. Department of Education.

The inability to pay off loans is starting to have longterm impacts on life after graduation.

A survey of 1,000 adults conducted by Bankrate.com found that crushing student loan debt has caused many to put off major life milestones.

“45% of Americans with student loans, and 56% of those between 18 and 29, have put off a major life event because of the burden of that debt,” the survey’s findings report.

A breakdown of the results reveal that 30 percent of the 18 to 29-year-old demographic reported they had put off buying a home, 18 percent had postponed saving for retirement, 29 percent had yet to buy a car, 19 percent had not gotten married, and 14 percent had decided to wait to have children.

Only 44 percent indicated that they had not postponed anything in their adult life because of loans.