Ensuring postsecondary education is affordable for Kentuckians is a top priority of the Council on Postsecondary Education (CPE) and higher education institutions. Maintaining access to life-changing postsecondary credentials benefits both individuals and the state alike. This inaugural report on undergraduate student debt demonstrates that Kentucky is making progress toward a more accessible and affordable postsecondary system. Last year, CPE published research showing that average unmet financial need among first-time undergraduate students is declining, and the number of students with no unmet need has grown over time. This study builds on that work by investigating the proportion of students who graduate with debt and the average amount owed upon completion of their highest credential. Using Kentucky's nationally-recognized state longitudinal data system, CPE investigated undergraduate debt levels over the past decade at both two- and four-year public colleges and universities. A major finding of this analysis is that average undergraduate debt has decreased significantly over the decade. A lower proportion of students are graduating with debt, and average debt levels have diminished. This is generally true regardless of postsecondary sector, student demographics, or credential earned. This report refutes the popular notion that recent college graduates are drowning in debt, a misperception that discourages individuals, particularly those of limited means, from pursuing their college dreams. Declining debt levels should provide some reassurance to aspiring postsecondary students and their families that a college education remains within reach.