America’s student debt is growing more slowly, but borrowing remains a fact of life for most students. The average burden for indebted college graduates is now nearly $30,000, a new analysis found.

Two in three students who earned bachelor’s degrees from private nonprofit or public colleges in 2018 had student loans — roughly the same as the year before, according to an annual report from the nonprofit group the Institute for College Access & Success.

Borrowers owed $29,200 on average, an increase of 2 percent over the previous year’s graduating class. Student debt grew by an average of 4 percent a year between 1996 and 2012, the report noted.

Persis Yu, director of the Student Loan Borrower Assistance Project at the National Consumer Law Center, said the current level of student debt was too high, even with the slowed growth. “The numbers are still going up, and that’s concerning,” she said. “$30,000 is not sustainable.”