It’s no secret that student loan debt is reaching crisis levels in America, but the conventional narrative on student loans neglects a crucial aspect: the rapid growth of graduate student borrowing.

A recent report by the New America Foundation argues that the real student debt problem occurs on the graduate level. Using statistics from the Department of Education, they show that from 2004-2012, the “median level of indebtedness” for students earning master’s of arts degrees increased 43 percent. Consequently, graduate student debt now constitutes a whopping 40 percent of the $1 trillion in total outstanding loan debt.