The issue of student debt is now at the forefront of public discourse and political debate. There is no question that debt, not just student debt, impacts the economy and hinders the economic wellbeing of many Americans. At the same time, the factors that lead to that debt should not be ignored. Not all student debt is the same, and not all individuals burdened by debt are impacted in the same way. Ultimately, the bigger issue may not be the amount of student debt but the fact that graduates are struggling to pay it back. While the focus is currently on whether or not students should be liable for the totality of their student loan debt, institutions should anticipate greater focus on their student loan default rates and the return on investment for their graduates. This article looks at understanding student debt and debt forgiveness.