The widespread notion of a general student debt "crisis" creates an exaggerated image of the problems associated with borrowing for college and diverts attention from the serious difficulties some students and former students face. A disproportionate amount of attention goes to the $1.5 trillion dollars in outstanding student debt. Instead, policymakers should focus on how much individual students borrow and which characteristics and circumstances put them at risk. This report discusses evidence about student borrowing over time to help state and institutional observers understand the facts about student debt and consider policy initiatives that will help the students who really need more support.